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Author: 


Fitchburg  Mutual  Fire 
Insurance  Company 

Title: 

The  Fitchburg  Mutual  Fire 
Insurance  Company... 

[Fitchburg,  Mass.] 

Date: 

[1 922] 


MASTER    NEGATIVE   # 


COLUMBIA  UNIVERSITY  LIBRARIES 
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ORIGINAL  MATERIAL  AS  FILMED  -    EXISTING  BIBLIOGRAPHIC  RECORD 


Business 


D986 
F55 


F it chburg, mutual  fire  insurance  company.  Fitch- 
burg,  Mass. 
The  Fitchburg  mutual  fire  insurance  company, 

Fitchburg,  Massachusetts,  75th  anniversary,  1847- 

1922.   cFitohburg,  llass.,  Dovms  printing  co., 

19223 

57  p.      illus.,   ports.,  facsims.     23g  cm. 


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75TH  ANNIVERSARY 


FiTCHBURG  Mutual 
Fire  Insurance  Company 


1847  -  1922 


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CotamWa  (HnttJetsiftp 

THE  LIBRARIES 


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GRADUATE 

SCHOOL  OF  BUSINESS 

LIBRARY 


The 

Fitchburg  Mutual 

Fire  Insurance  Company 


Fitchburg,  Massachusetts 


75th  Anniversary 

1847  -  1922 


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HOME  OFFICE  BUILDING  OF  THE  FITCHBURG  MUTUAL 


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The  Fitchburg  Mutual 
Fire  Insurance 

Company 

1847-1922 

There  is  probably  no  business  in  the  world  so  little 
understood  by  the  public  as  Fire  Insurance.  Furthermore, 
it  is  safe  to  say  that  since  1752,  when  Benjamin  Franklin 
was  responsible  for  the  organization  of  the  first  Insurance 
Company  in  America,  which  was  a  Mutual  Company,  no 
other  business  has  been  of  equal  value  to  the  industrial  and 
commercial  prosperity  of  the  world. 

Before  the  development  of  insurance,  a  fire  was  a 
terrible  disaster,  destroying  property,  with  no  indemnity, 
and  usually  resulted  in  a  subscription  from  sympathetic 
neighbors  to  help  the  unfortunate  loser.  This  was  the 
germ  of  the  Mutual  Insurance  plan,  which  has  been  in 
operation  in  Massachusetts  since  1798,  when  the  Massa- 
chusetts Mutual  Fire  Insurance  Company  of  Boston  was 
organized. 

The  organization  of  other  companies  followed,  so 
that  in  1847  there  were  thirty-seven  companies  doing 
business  in  the  state,  with  four  more  organized  that  year. 

Presumably  the  success  of  these  companies  actuated 
the  progressive  men  of  Fitchburg,  as  they  applied  to  the 
General  Court  of  Massachusetts  for  Legislation,*  which 
resulted  in  the  granting  of  a  charter  to  The  Fitchburg 
Mutual  Fire  Insurance  Company,  in  March,  1847.1  No 
records  are  to  be  found  of  the  early  meetings  before  the 


*See  page  4 
tSee  page  13 


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COPY  OF  THE  ORIGINAL  PETITION  FOR  LEGISLATION 

NOTE-THE   PETmOH  W.S   made   for  the  N.ME  OP  THE  F.TCHBURC    MECHANICS   MUTUAL   F.RE    INSURANCE  COMPANY 


i 

I 


petition  was  presented  to  the  Legislature.  The  bill  for  the 
Charter  passed  the  House  of  Representatives,  March  20, 
the  Senate,  March  22,  and  was  approved  by  Governor 
George  N.  Briggs,  March  23,  1847. 

The  incorporators,  together  with  the  other  petitioners, 
were  the  big  men  of  those  days,  and  they  laid  the  founda- 
tion for  the  success  which  the  Company  now  enjoys. 

The  first  public  mention  of  the  Company  is  found  in 
the  Fitchburg  Sentinel  of  March  12,  1847,  in  the  Legisla- 
tive News  items: 

"  The  bill  to  incorporate  the  Fitchburg  Mutual  Fire 
Insurance  Company  has  passed  the  House." 

ORGANIZATION 

In  the  Sentinel  of  May  14,  1847,  the  following  appears, 
marked  "Advertisement." 

Fitchburg  Mutual  Fire  Insurance  Company 

The  undersigned  being  named  in  the  Act  of  Incorpora- 
tion of  the  above  named  Company,  chartered  at  the  recent 
session  of  the  Legislature,  would  hereby  call  a  meeting  for 
the  purpose  of  organization,  etc.,  at  Jacjuith  <S:  Comee's 
Hotel,*  on  Tuesday,  the  18th  of  May  inst.,  at  ten  o'clock 
A.M. 

A  general  attendance  is  requested. 

ALVAH  CROCKER  1  Persons 
NATHANIEL  WOOD  ,^  named  in 
MOSES   WOOD  )     the  Act 

At  this  meeting  Colonel  Alvah  Crocker  presided,  and 
W.  B.  Towne  was  Secretary. 

Remarks  were  made  by  Artemus  Lee,  Joseph  Davis, 
Ebenezer  Torrey  and  Alvah  Oocker,  upon  the  character 

♦This  buildinfi  was  the  old  Fitcliburg  Tavern,  which  stood  where  the  Fitcliburg  Hotel, 
now  known  as  the  John  Fitch,  stands. 


INTENTIONAL  SECOND  EXPOSURE 


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COPY  OF  THE  ORIGINAL  PETITION  FOR  LEGISLATION 

NOTE-THE   PETITION  WAS   MADE  FOR  THE   NAME  OF  THE  F.TCHBURG    M|CHAmCS   MUTUAL    F.RE    INSURANCE  COMPANY 


petition  was  presented  to  the  Legislature.  The  bill  for  the 
Charter  passed  the  House  of  Representatives,  March  20, 
the  Senate,  March  22,  and  was  approved  by  Governor 
George  N.  Briggs,  March  23,  1847. 

The  incorporators,  together  with  the  other  petitioners, 
were  the  big  men  of  those  days,  and  they  laid  the  founda- 
tion for  the  success  which  the  Company  now  enjoys. 

The  first  public  mention  of  the  Company  is  found  in 
the  Fitchburg  Sentinel  of  March  12,  1847,  in  the  Legisla- 
tive News  items: 

"  The  bill  to  incorporate  the  Fitchburg  Mutual  Fire 
Insurance  Company  has  passed  the  House." 

ORGANIZATION 

In  the  Sentinel  of  May  14,  1847,  the  following  appears, 
marked  "Advertisement." 

Fitchburg  Mutual  Fire  Insurance  Company 

The  undersigned  being  named  in  the  Act  of  Incorpora- 
tion of  the  above  named  Company,  chartered  at  the  recent 
session  of  the  Legislature,  would  hereby  call  a  meeting  for 
the  purpose  of  organization,  etc.,  at  Jaquith  &  Comee's 
Hotel,*  on  Tuesday,  the  18th  of  May  inst.,  at  ten  o'clock 
A.M. 

A  general  attendance  is  requested. 

ALVAH   CROCKER 
NATHANIEL   WOOD 
MOSES  WOOD 


Persons 

named  in 

the  Act 


At  this  meeting  Colonel  Alvah  Crocker  presided,  and 
W.  B.  Towne  was  Secretary. 

Remarks  were  made  by  Artemus  Lee,  Joseph  Davis, 
Ebenezer  Torrey  and  Alvah  Crocker,  upon  the  character 

♦This  building  was  the  old  Fitchburg  Tavern,  which  stood  where  the  Fitchburg  Hotel, 
now  known  as  the  John  Fitch,  stands. 


of  an  Insurance  Company  of  this  kind.    An  abstract  of  this 
discussion  might  be  of  great  interest  to  us  today. 

It  was  voted  that  the  Act  of  Incorporat.on  be  accepted 
and  a  committee  of  five,  namely,  Nathan.el  Wood   Mton 
Whitney,  George  S.  Boutwell,  Ebenezer  Torrey  and  Alvah 
Crocker,  was  appointed  to  draft  a  code  of  ^'J-'^^^" 

Many  meetings  were  necessary  m  order  to  complete 
the  details,  so  that  the  Company  might  be  -«»y  for  bus>- 
ness  the  first  of  September.  On  June  29,  the  By-Laws 
were  adopted,  and  the  hrst  Board  of  Directors  was  eWcted 

^      TViA  mpmbers  of  this  Board  were  as 
to  serve  one  year.      Ine  memnerb  ui 

follows : 


Nathaniel  Wood 
Alvah  Crocker 
Joseph  W.  Mansur 
Ivers  Phillips 
Walter  Hey  wood 
A.  T.  Towne 
E.  Murdock,  Jr. 
Asahel  Corey 
Jacob  Fisher 
Hobart  Spencer 
Daniel  Putnam 
Artemus  Lee 
L.  H.  Bradford 
John  White 
C.  H.  Wilder 


Fitchburg 

Fitchburg 

Fitchburg 

Fitchburg 

Fitchburg 

Fitchburg 

W'inchendon 

Ashburnham 

Lancaster 

Ashby 

Lunenburg 

Templeton 

Gardner 

Westminster 

Leominster 


At  a  meeting  on  July  2,  "Mr.  J.W. Mansur  was  chosen 
Secretary  Pro  Tem,  and  Nathaniel  Wood,  Esq^,  was  elected 
President.    Messrs.  Nathaniel  Wood,  A  T.  Towne  and  C 
W.  Wilder,  were  chosen  to  constitute  a  '  financjal  comm.t- 
tee,'  and  Ebenezer  Torrey,  Esq.,  was  elected  Freasurer. 
Evidently  the  business  of  insurance  was  not  to  be  assumed 


ALVAH  CROCKER 


lightly,  as,  at  this  meeting,  we  find  Messrs.  Putnam, 
Wilder  and  Crocker,  appointed  as  a  committee  "  to  name 
a  suitable  person  for  Secretary  at  a  future  meeting." 

The  meeting  of  July  17  was  held  at  the  office  of  Torrey 
and  Wood,  in  the  building  next  west  of  the  Fitchburg 
Savings  Bank  Building,  corner  Main  and  Central  Streets. 
The  compensation  of  the  Secretary  was  established  at  $1.00 
for  ev^ery  policy  signed,  and  fifty  cents  for  every  transfer. 
Ten  applications  for  insurance  were  received  at  this  meeting. 

At  the  meeting  on  August  5,  Colonel  Ivers  Phillips 
was  unanimously  elected  Secretary. 

At  a  meeting  held  August  12,  a  committee  was  chosen 
to  "  fix  a  list  of  rates  of  premium  for  insurance,  and  a  form 
of  application  and  policy." 

Confidence  was  expressed  in  the  Secretary  by  a  vote 
"that  the  Secretary  be  authorized  to  manage  the  concerns 
of  the  Company  in  the  way  he  thinks  would  be  most  con- 
ducive to  their  interests."  It  was  also  voted,  ''  that  the 
basis  of  the  Company  to  adopt  for  its  best  risks  be  such  as 
farmhouses  (well  situated,  well  secured,  and  not  exposed 
from  other  buildings),  and  other  buildings  not  more  haz- 
ardous, one  per  cent  for  seven  years,  when  occupied  by  the 
owner." 

The  following  Tariff  of  Rates  of  Insurance  was  adopted : 

2/8  per  cent,  or  .25      for  1  year 


3/8 

'   ''  .37H 

"  2  years 

4/8 

'   "  .50 

u  3    u 

5/8 

'   "  .62H 

u     4    u 

6/8 

'   "  .75 

u     5    u 

7/8 

'   "  .87H 

u     ^         u 

1 

'   "  1.00 

U      J            u 

Second  Class  of  Risks,  such  as  Farmers'  Barns,  Hay, 


8 


r 


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Al 


Grain  and  Stock,  well  secured  and  not  exposed  from  other 
buildings  and  houses  in  villages,  contiguous  to  others: 

5/16  per  cent  or    .31}^  for    1  year 


15/32 

"  .50 

2  years 

5/8 

"  .621^ 

3   " 

25/32 

"  .78^ 

4   " 

15/16 

"  .9314 

5   " 

35/32 

''  1.093^ 

6   " 

1  1/4 

"  1.25 

7   " 

Voted,  "  That  stores  of  the  best  class  and  other  shops, 
not  more  hazardous  be  included  in  the  Second  Class  of 
Risks,  and  insured  at  the  same  rates." 

Voted,  '*  That  store  goods,  in  stores  well  situated  and 
not  essentially  exposed  from  other  buildings,  be  insured  at 
one-half  per  cent  for  one  year,  and  other  risks  of  this  kind 
be  left  to  the  discretion  of  the  Secretary." 

READY    FOR    BUSINESS 

The  first  policy  was  issued  September  1,  1847,  to 
Artemus  Lee  for  $1,700,  on  his  property  in  the  town  of 
Phillipston,  Mass.    These  buildings  are  still  in  existence.* 

Thus  was  born  the  Fitchburg  Mutual  Fire  Insurance 
Company,  organized  for  the  purpose  of  furnishing  insur- 
ance at  as  near  cost  as  possible.  That  it  was  successful  is 
evidenced  by  this,  our  Seventy-fifth  Anniversary. 

Seventy-five  years  ago  the  science  of  insurance  was  un- 
known. There  were  no  rates  and  no  experience  upon  which 
to  base  rates.  Everything  was  done  by  individual  judg- 
ment, and  in  competition  with  other  companies.  The  years 
following  the  organization  of  the  Fitchburg  Mutual  saw 
many  other  companies  spring  into  existence,  seemingly  be- 
cause every  considerable  town  considered  an  insurance  com- 
pany essential  to  its  protection.    These  companies  met  with 

*See  Page  45. 


various  experiences,  resulting  in  such  a  high  mortality  that 
the  surviving  companies  can  claim  a  real  achievement. 
The  management  of  the  Fitchburg  Mutual  was  evidently 
of  high  grade,  as  it  came  through  the  vicissitudes  of  those 
days  with  flying  colors. 


ISV 


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FIRB  INSURANCE  COMPINJ, 

.  PITCHBUllG.  MASS.  '^     ' 

THIS  Company  are  prepared  to  insure  Buildinsrs  and  Pirl 
tonal  Property  of  the  fwler  class,  against  loss  of  UaoMbtt  W  ^ 
fire,  for  any  term  of  time  from  One  to  Seven  Yeurt,  <^lioc4 
rtasonabie  terms  than  any  other  Company  in  this  County.      ;lr^ 

ApjpUcAtioM*  ibr  laammiiee  received  *4  tlMc^f 

omce,  in  Tomy  &  Wood's  Brick  BoildiBf, 

OPPOSITE  THE  FiTCHBURG   HOTEL. 

KAMSa  OF  OIBKCTOaS. 

Natiiaxikl  Wood,  Fitehbw^f  Jacob  Fishec,  Laneasttr, 
Alvah  Crockkr,  »*  H.  Spkncer,  As/iby^ 

J.  VV.  Ma.n'svr,  •*         BanielPutxam.  Lmtendwry, 

IvERs  Phillips,  **  Artem<vs  Lee,  TemjOHoHj 

Walter  Heywood,      '*  L.  H.  Buadfohd,  Oofdner^ 

A.  J.  Tows,  "  JoHJt  WHiTKyWestmiw^ 

E.  MuRDocK,  Jr.,  Winchendon^  C.  W.  Wilder,  Ltomin$Ur. 
As  AH  EL  Corey,  AshbumAamy 

NATHAiMIEL  WOOD,  PresideWL 
IVERS  PHILLIPS,  Secretary. 
Fitchburg,  August  2U,  1847.  34-to   " 


ADVERTISEMENT   IN   FITCHBURG   SENTINEL 

The  By-Laws  which  were  adopted  at  the  organization 
of  the  Company  were  very  different  from  those  now  in  use. 
Today  the  General  Statutes  practically  cover  all  the  condi- 
tions that  were  formerly  contained  in  the  By-Laws,  leav- 
ing the  present  By-Laws  containing  only  such  sections  as 
relate  to  the  date  of  the  annual  meeting,  the  number  of 
Directors,  the  Officers  and  their  duties.  Some  of  the 
original  articles  seem  very  odd  to  us  now.    Here  is  one: 

"  The  Company  will  write  insurance  on  any  building 

10 


for  not  exceeding  seven  years,  and  on  personal  property, 
for  not  exceeding  one  year,  but  where  personal  property 
and  building  are  owned  by  the  same  person,  the  policy, 
may,  at  the  option  of  the  Company,  be  issued  for  the 
former  period." 

Another  article  states  that  "  Gunpowder  is  not  insur- 
able and  in  case  a  greater  quantity  is  kept,  or  in  a  manner 
different  than  that  authorized  by  law,  the  policy  covering 
building  wherein  such  property  is  kept  or  other  property 
therein,  such  policy  shall  be  void." 

A  qualification  which  would  not  be  very  popular  at 
the  present  time  is  as  follows: 

"  No  more  than  three-fourths  of  the  cash  value  of  any 
building  above  the  foundation  shall  be  insured,  and  not 
more  than  three-fourths  of  the  cash  value  of  any  personal 
property." 

One  article  refers  to  the  application  which  *'  shall  be 
signed  by  the  party  to  be  insured,  or  some  person  author- 
ized by  him,  and  such  application  shall  constitute  a  part  of 
the  contract  to  be  taken  in  connection  with  the  policy,  and 
no  insurance  shall  be  granted  or  no  policy  take  effect  until 
such  application  so  signed  shall  be  filed  with  the  Secretary." 

It  would  be  rather  difficult  for  both  the  assured  and 
the  Company  to  do  business  today  under  these  conditions. 

There  is  another  article  which  provides  the  conditions 
by  which  a  building  may  be  vacated.  Practically  all  of  the 
articles  are  now  contained  in  the  standard  policy  provided 
by  law,  so  that  the  companies  are  enabled  to  eliminate  a 
great  deal  of  this  unnecessary  text  from  their  Constitutions 
and  By-Laws.  The  uniform  condition,  thus  created,  gives 
equal  opportunity  —  there  is  no  longer  a  disadvantage  by 
reason  of  a  by-law  which  could  not  be  changed  until  the 
next  annual  meeting. 

There  is  an  article  relating  to  the  adjustment  of  losses 

11 


INTENTIONAL  SECOND  EXPOSURE 


I 


various  experiences,  resulting  in  such  a  high  mortaUty  that 
the  surviving  companies  can  claim  a  real  achievement. 
The  management  of  the  Fitchburg  Mutual  was  evidently 
of  high  grade,  as  it  came  through  the  vicissitudes  of  those 
clays  with  flying  colors. 


gpIN 


FIRE  INSURANCE  COMPANY, 

»  FITCHBURG,  MASS. 

THIS  Company  are  prepared  to  insure  Buildinars  and  Per^ 
soua)  Property  of  the  safer  class,  agrninst  losa  of  damage  iiy 
fire,  for  any  term  of  lirae  from  One  to  Seven  Years,  on  inore 
reasonable  terms  than  any  other  Company  in  this  County.        < 

Appllcatioaai  for  InsuruBice  received  at  tiuyir 

Uffice,  in  Torrey  &  Wood's  Brick  Building, 

OPPOSITE  THE  F  TCHBURG  HOTCt. 

NAMES  OF  DIRECTORS. 

Nathamkl  Wood,  Fitckburgt  Jacob  Fishep.,  LancasttTf 
Alvah  Crockkr,  **  H.  Spexcer,  jls/tdy, 

J.  W.  Mansur,  •*  Daniel  Putnam.  JLwwendKff, 

IvERS  Phillips,  **         Artkm.vs  Lek,  l^empUton, 

Walter  Heywood,      '*  L.  H.  Bhadford,  Gardner^ 

A.  J.  Tou'x,  "  Jour*  White, vr^Atmms^ar, 

E.  Mvrdock,  Jr.,  Winchendon^  C.  W.  Wilder,  Ltominsttr^ 
Asahel  Corey,  Askbiimham^ 

NATHANIEL  WOOD,  Pre sideat. 
IVERS  PHILLIPS,  Secretary. 


Fitchburg,  August  2U,  1847. 


34-to 


I 


iV 


ADVERTISEMENT   IN   FITCHBURG   SENTINEL 

The  By-Laws  which  were  adopted  at  the  organization 
of  the  Company  were  very  different  from  those  now  in  use. 
Today  the  General  Statutes  practically  cover  all  the  condi- 
tions that  were  formerly  contained  in  the  By-Laws,  leav- 
ing the  present  By-Laws  containing  only  such  sections  as 
relate  to  the  date  of  the  annual  meeting,  the  number  of 
Directors,  the  Officers  and  their  duties.  Some  of  the 
original  articles  seem  ver>'  odd  to  us  now.    Here  is  one: 

"  The  Company  will  write  insurance  on  any  building 

10 


\ 


•i    ^ 


for  not  exceeding  seven  years,  and  on  personal  property, 
for  not  exceeding  one  year,  but  where  personal  property 
and  building  are  owned  by  the  same  person,  the  policy, 
may,  at  the  option  of  the  Company,  be  issued  for  the 
former  period." 

Another  article  states  that  "  Gunpowder  is  not  insur- 
able and  in  case  a  greater  quantity  is  kept,  or  in  a  manner 
different  than  that  authorized  by  law,  the  policy  covering 
building  wherein  such  property  is  kept  or  other  property 
therein,  such  policy  shall  be  void." 

A  qualification  which  would  not  be  very  popular  at 
the  present  time  is  as  follows: 

"  No  more  than  three-fourths  of  the  cash  value  of  any 
building  above  the  foundation  shall  be  insured,  and  not 
more  than  three-fourths  of  the  cash  value  of  any  personal 
property." 

One  article  refers  to  the  application  which  '*  shall  be 
signed  by  the  party  to  be  insured,  or  some  person  author- 
ized by  him,  and  such  application  shall  constitute  a  part  of 
the  contract  to  be  taken  in  connection  with  the  policy,  and 
no  insurance  shall  be  granted  or  no  policy  take  effect  until 
such  application  so  signed  shall  be  filed  with  the  Secretary^." 

It  would  be  rather  difficult  for  both  the  assured  and 
the  Company  to  do  business  today  under  these  conditions. 

There  is  another  article  which  provides  the  conditions 
by  which  a  building  may  be  vacated.  Practically  all  of  the 
articles  are  now  contained  in  the  standard  policy  prov  ided 
by  law,  so  that  the  companies  are  enabled  to  eliminate  a 
great  deal  of  this  unnecessary  text  from  their  Constitutions 
and  By-Laws.  The  uniform  condition,  thus  created,  gives 
equal  opportunity  —  there  is  no  longer  a  disadvantage  by 
reason  of  a  by-law  which  could  not  be  changed  until  the 
next  annual  meeting. 

There  is  an  article  relating  to  the  adjustment  of  losses 

11 


which  goes  into  minute  detail,  which  is  now  condensed  into 
a  few  Hnes  in  the  standard  policy,  the  rest  of  the  conditions 
being  accepted  by  common  usage  by  the  companies  and 
adjusters. 

An  important  article  gave  the  Directors  the  power  to 
borrow  money,  from  time  to  time,  on  the  ''  faith  of  the 
Company,  such  sums  of  money  as  may  be  required  to  meet 
losses." 

Another  article  which  seems  very  peculiar  is  as  follows: 
"If  the  loss  does  not  amount  to  five  per  cent  of  the  amount 
insured,  it  shall  not  be  covered  by  the  policy  unless  it 
exceeds  $25.00,  and  if  it  exceeds  $25.00  it  shall  be  covered, 
although  it  does  not  amount  to  five  per  cent." 

An  article  relating  to  the  funds  of  the  Company  is  of 
considerable  interest.  "Funds  paid  into  the  Treasury-  shall 
be  applied  first  to  defray  necessary  expenses,  second  to  pay 
losses,  and  third,  what  remains,  if  anything,  shall  be  divided, 
but  no  assessment  upon  the  notes  shall  be  made  until  the 
exigencies  of  the  treasury  shall  demand  it." 

Those  restrictions  which  seemed  logical  when  the  By- 
Laws  were  framed,  must  have  proved  unwelcome  to  the 
public,  because  we  find,  in  October,  1847,  almost  as  soon 
as  the  Company  began  doing  business,  that  the  By-Laws 
were  amended  as  follows : 

First — that  the  Company  may  insure  personal  prop- 
erty for  any  length  of  time  from  one  month  to 
seven  years,  at  the  discretion  of  the  Directors. 

Second — that  buildings  may  be  insured  for  a  less  time 
than  one  year,  at  the  discretion  of  the  Directors. 

Third — that  the  Nineteenth  Article  of  the  By-Laws  be 
so  far  amended  as  to  authorize  the  Directors  to 
insure  buildings  when  in  process  of  finishing,  with 
the  condition  that  the  work  be  done  in  the  day 
time  only,  and  that  no  smoking  shall  be  allowed. 

12 


m/ 


•»  % 


jPHI 


COM.^O?fWEAL.TB  OF  MASSACIIUSITm. 

In  the  year  One  Thousand  Eight  Bundred  and  Fmfy .f//'Ar*- 


I  ■  f  ■ 


v/j'/: 


A*  mitkerUf  o^rte  ttuntf-r^'-^  ',»''(''>■■.      7<.'/^/-/y  /  .  ?A';r.r   (  n'-AtA-  ^,f//,,j ..,///  /^/-r^/,  M^.-Mi 

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^,  ^^/y%<^ 


..-..jihJ 


CHARTER  OF  THE  FITCHBURG  MUTUAL  FIRE  INSURANCE  COMPANY 


INTENTIONAL  SECOND  EXPOSURE 


which  goes  into  minute  detail,  which  is  now  condensed  into 
a  few  hnes  in  the  standard  poHcy,  the  rest  of  the  conditions 
being  accepted  by  common  usage  by  the  companies  and 
adjusters. 

An  important  article  gave  the  Directors  the  power  to 
borrow  money,  from  time  to  time,  on  the  *'  faith  of  the 
Company,  such  sums  of  money  as  may  be  required  to  meet 
lo 


sses. 


Another  article  which  seems  very  peculiar  is  as  follows: 
"If  the  loss  does  not  amount  to  five  per  cent  of  the  amount 
insured,  it  shall  not  be  covered  by  the  policy  unless  it 
exceeds  $25.00,  and  if  it  exceeds  $25.00  it  shall  be  covered, 
although  it  does  not  amount  to  five  per  cent." 

An  article  relating  to  the  funds  of  the  Company  is  of 
considerable  interest.  "Funds  paid  into  the  Treasury-  shall 
be  applied  first  to  defray  necessary  expenses,  second  to  pay 
losses,  and  third,  what  remains,  if  anything,  shall  be  divided, 
but  no  assessment  upon  the  notes  shall  be  made  until  the 
exigencies  of  the  treasury  shall  demand  it." 

Those  restrictions  which  seemed  logical  when  the  By- 
Laws  were  framed,  must  have  proved  unwelcome  to  the 
public,  because  we  find,  in  October,  1847,  almost  as  soon 
as  the  Company  began  doing  business,  that  the  By-Laws 
were  amended  as  follows: 

First — that  the  Company  may  insure  personal  prop- 
erty for  any  length  of  time  from  one  month  to 
seven  years,  at  the  discretion  of  the  Directors. 

Second — that  buildings  may  be  insured  for  a  less  time 
than  one  year,  at  the  discretion  of  the  Directors. 

Third — that  the  Nineteenth  Article  of  the  By-Laws  be 
so  far  amended  as  to  authorize  the  Directors  to 
insure  buildings  when  in  process  of  finishing,  with 
the  condition  that  the  work  be  done  in  the  day 
time  only,  and  that  no  smoking  shall  be  allowed. 

12 


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■-ff;?y-W'^'''yW,';> 


^■mMT"! 


ILiLTH  OF   MASSACBmSETES. 

* 

h\  Ihe  year  One  Thmisand  Eighi  Hundred  and  Forty  J/ /v 


'Yt*' 


Be  U  enacted  hy  tke  SmaU  amd  mm^  rf  MefTumMk^  i»  GmmU  Cm^  u>^^ 


tJu  mmthoriis  of  the  •»»«,- 


—  /».!    ',/  '     /■"■■ 


>,.'/</•//    /    ,7/rff,f    l.>./».r      €/-<;./      /////>'./. /^..<54 


'  '  '  •  •  ■  ,   * 

'  *       '  *  '  '  *    ■  * 


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,,    .  ■ .,.  Jrf. 


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^.  „^^^^/ 


CHARTER  OF  THE  FITCHBURG  MUTUAL  FIRE  INSURANCE  COMPANY 


^  V 


It  is  quite  probable  that  it  was  the  competition  among 
the  different  companies,  in  changing  their  by-laws  and 
policy  conditions,  that  resulted  in  the  codification  of  the 
By-Laws  in  the  Statutes,  and  finally  in  a  standard  policy. 
It  is  with  pride  that  we,  of  the  insurance  business  in  Massa- 
chusetts, realize  that  the  experiences  of  those  early  days 
have  resulted  in  Legislation  which  has  become  the  model 
used  by  every  other  state  in  the  Union. 

GOVERNMENT    REGULATION 

At  the  time  of  the  organization  of  the  Fitchburg 
Mutual  Fire  Insurance  Company,  in  1847,  the  only  regula- 
tion of  the  business  of  insurance,  under  the  State  Law,  was 
contained  in  Chapters  37  and  44  of  the  Revised  Statutes. 
The  specific  provision  therein  for  public  investigation  of 
the  affairs  of  any  company  reads  as  follows : 

"  The  President  and  Secretary  of  every  such  company 
shall,  when  required  by  the  Legislature,  lay  before  them  a 
statement  of  the  affairs  of  the  company  and  submit  to  an 
examination  on  oath  concerning  it." 

The  first  law  of  this  Commonwealth  requiring  returns 
from  insurance  companies,  with  a  view  to  an  official  publi- 
cation of  their  financial  standing,  was  passed  April  18,  1837. 
This  applied,  however,  only  to  companies  incorporated  in 
the  State,  and  having  a  specific  capital. 

This  report  was  to  be  made  to  John  P.  Bigelow,  then 
Secretary  of  the  Commonwealth,  and  he  had  the  honor  of 
making  the  first  insurance  report  in  this  State,  and  as  far 
as  known,  the  first  ever  made  in  this  or  any  other  country, 
under  the  sanction  of  government,  and  based  on  sworn  re- 
turns prescribed  by  law.  This  report  made  a  document  of 
only  eight  pages  of  standard  Legislative  size. 

Five  years  later,  February  15,  1842,  a  law  was  passed 
requiring  returns  from  Mutual  Marine,  and  Mutual  Fire 
and  Marine  Companies. 

14 


In  1849,  this  law  was  extended  to  cover  also  Mutual 
Fire  Insurance  Companies,  but  the  Mutual  Companies  suc- 
ceeded in  bringing  about  a  repeal  in  1850,  and  the  public 
had  no  official  light  as  to  their  financial  standing  until  the 
law  requiring  returns  was  reinacted  in  1852. 

Until  1852,  the  Secretary  of  the  Commonwealth  was 
charged  with  the  duty  of  executing  the  law,  which  consisted 
mainly  of  distributing  the  proper  blanks  and  abstracting 
the  returns  for  the  information  of  the  Legislature  and  the 
public. 

In  1852,  the  Secretary,  Treasurer  and  Auditor  of  the 
Commonwealth  were  constituted  a  Board  of  Insurance 
Commissioners,  having  jurisdiction  over  all  insurance  com- 
panies of  other  states,  and  countries,  with  power  to  appoint 
a  State  Actuary,  and  charged  with  the  duty  of  making  an 
annual  report  and  abstract  of  the  conditions  of  these  out- 
side companies  and  the  business  done  by  their  agents  iii  the 
State,  as  shown  by  the  returns  required  to  be  made. 

In  1854,  the  jurisdiction  of  the  Board  of  Insurance 
Commissioners,  consisting  of  the  same  state  officers,  was 
extended  to  all  insurance  companies  of  every  kind  doing 
business  in  the  Commonwealth,  whether  incorporated  here 
or  elsewhere.  More  complete  and  elaborate  annual  state- 
ments were  required,  and  all  the  laws  relating  to  insurance 
were  consolidated  into  one. 

In  1855,  a  separate  department  was  created  and  three 
persons,  to  be  appointed  by  the  Governor,  constituted  the 
Board  of  Insurance  Commissioners. 

In  1858,  the  Board  was  reduced  to  two  members,  and 
in  1860,  to  one  member. 

As  a  sample  of  the  Annual  Report  of  that  time,  and  in 
comparison  with  the  Report  of  the  present  time,  we  reprint 
our  first  report  as  of  December  1,  1849. 


15 


Report  to  Secretary  of  the  Commonwealth 

December  1,  1849 
Fitchburg  Mutual  Fire  Insurance  Company 


$29,823.75 

761.37 

23,054.43 


Amount  of  Assets 
Cash 

Premium  notes  on  risks  not  terminated 
Other  notes 

Notes  with  personal  security,  $2,308.33 
Notes  secured  by  mortgage 

on  Real  Estate,  $2,785.00 

Debts  due  Company  (unpaid  premiums) 
Fitchburg  &  Worcester  Railroad  Bonds 
All  other  property 
Losses  unpaid — none. 
Amount  insured  during  the  year 
Premium  during  year 
Risks  terminated  during  the  year 
Premiums  terminated  during  the  year 
Amount  insured — undetermined  fire  risks 
First  Class,  $517,804.00 
Second  Class,  $143,275.00 
Amount  of  Premiums — undetermined  fire  risks 
Premiums  and  Premium  notes  taken 
First  Class,  $22,763.39 
Second  Class,  $8,546.20 
Losses — First  Class 

Second  Class,  none. 
Amount  of  debts  owed  by  the  Company  other 

than  losses  above  stated 
Expenses  paid 

Dividends  paid  since  organization 
Highest  rate  of  interest  received,  6  per  cent. 

Upon  the  appointment  of  the  Board  of  Insurance  Com- 
missioners, the  necessity  for  more  detailed  and  complete 


16 


5,093.33 
176.62 

1 ,008 .  00 
300.00 

407,686.00 

4,527.48 

97,552.50 

605.91 

661,079.00 


7,709.94 


288.01 


50.00 
354.40 
495 . 10 


1 


f  ^ 


$2,453,544.00 
32,496.63 
97,489.89 

200 . 00 


/f 


information  in  regard  to  the  standing  of  the  Insurance 
Companies  was  deemed  necessary,  and  the  following  is  a 
copy  of  the  first  published  report  made  by  the  Fitchburg 
Mutual  Fire  Insurance  Company  to  the  Board  of  Insur- 
ance Commissioners  in  Massachusetts: 

December  31,  1855 

Fitchburg  Mutual  Fire  Insurance  Company 

Fitchburg 

Incorporated  March  23,  1847 

President,  Nathaniel  Wood  Secretary,  Abel  Thurston 

Commenced  business  September  1,  1847 

Amount  insured  by  existing  policies 

Premiums  and  deposits  received  in  cash 

Premiums  and  deposits  received  in  notes 

Funds  invested 

Two  shares  Fitchburg  Bank 

(Par  value,  $100.    Market  value,  $112.00. 
Value  on  ledger,  $100.00) 

Bonds  Fitchburg  &  Worcester  Railroad 
Co. 
Other  investments  including  amount  loaned  in 

stocks,  mortgages  and  other  securities 
Cash  on  hand  and  in  bank 
Amount  of  losses  paid  during  the  last  five  years 
Amount  assessed  on  notes  for  same  period,  in 

Second  Class 
Amount  of  assessments  past  due  and  unpaid 
Amount  of  policies  issued  during  the  past  year  1,341,538.00 
Cash  received  for  such  policies  during  the  year       17,837 .  75 
Amount  of  notes  for  premiums  in  First  Class 

Second  Class 
Losses  paid  during  the  year  in  First  Class 

Second  Class 

17 


3,000.00 

17,641.58 

2,182.50 

26,673.51 

4,357.47 
111.50 


28,432.59 

24,736.74 

1,518.53 

10,758.27 


^♦i» 


Losses  ascertained  and  unpaid  in  First  Class 
Second  Class 

Amount  of  assessments  on  notes  during  past 
year — none 

Amount  of  cash  dividends  paid  during  past 
year  in  First  Class 

For  policies  surrendered  and  premiums  re- 
funded during  the  past  year  in  Second 
Class 

Highest  rate  of  interest  paid  during  past  year 

6  per  cent 
Highest  rate  of  interest  received  during  past 

year,  6  per  cent 
Amount  insured  on  real  estate  during  past  year 
Amount  insured  on  personal  property  during 

past  year 
Amount  insured  First  Class 

Second  Class 
Amount  premiums  and  deposit  notes 

First  Class 

Second  Class 
Amount  losses  First  Class 

Second  Class 
Amount  of  expense,  taxes  and  commissions 

paid  the  last  year  —  including  treasurer's 

salary  for  past  two  years 
Amount  of  charges  for  proposals,  policies,  as- 
signments and  other  papers 
(This  amount  does  not  go  into  the  funds  of  the 

Company,  being  the  policy  fees  which  pay 

the  Secretary.) 
How  many  agents  employed  to  take  risks? 

Seventeen  local  agents. 

One  man  hired  to  examine  risks. 


18 


$1,668.30 
1,194.00 


3,872.77 


42.44 


725,227.00 

616,311.00 
855,991.00 
485,547.00 

37,934.34 

33,072.74 

3,186.83 

11,952.25 


1,406.37 
1,075.00 


i 


^ 


§    '0 


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W'lv^.  .^Kiit...",  *.Ua;iri.-tr»tniv,  tuvt  anijpis   t..  \m\  all  Hi,h  sani  or  miiik  »  may  b<'  •iw'wwl  W  th«>  l>innure  rf  wirt  Con^anv.  |«ini«aBl   l«  thf  Art  «if 
!ii.<ir|«r»tii>ti.  anil  UuIps  aa<\  IU-I.*w«ni'-iiiiiI  Cimiuny;  but  ho«  in  any  pvont  to  ixn-nl  ilnnlir- thi' «imi«  aliov<' oameil  w  IV-oiiiim  a»l  r»<i»m!. 

,  Jn  <i!on3ii»traUon  o(  tl)c  Prcmists.  The  ««i.i     /^<5**^,,  <»  / 

/>  *->  llt-ir*,  Kxeiuior*,  iDtl  Adininistnttor*,  «re  hercUv  iimurca  stpaavx  Xfm or  Daouirc  by  Fire, avler  lk» 

.•i.n.liliun*  ai«l  UmitHUniis  cx[in>ss<>,l  In  sa',.1  Uu|«  nnd -Ry-I^w.i,  iutil  suhjert  to  tlic  lien  npon  the  Itnihlin^  herein  iimucil  awl  U*  lju«lnii<l*rthe««»e, 
n«t«l >>)•  tl>o  thirty-!*-vfiith  Chnpti-r  ot' tlic  UcviwHl  Stututc!'.  and stilijott  to  tbo  lien  upon  tl*  ppmonal  property  iiuwrttl  herein. crctrttd  by  the  .Vet of 
Ki^jliuvn  Imn.lnNl  and  torty-fivo,  (.'haptcrocvcnlven,  it  bfln^r  ()k>  inloiuion  of  this  Corporati<ni  to  roly  upoo  saiil  liens  •<•  »e<^re  the  pa}BK-nt  oTany  and 
all  o'lPMnvTii  i  that  nwy  Ix-  ouuie  ae<<ordiii»  to  thi-  Scatutu  of  thi»  C«toonwcalth.  for  ^^^^^v-c-it    '     >,-<-  rt-t  fS^  *«»»  ^  *"*  day  rf 

•V  /    '  /       -        /'-^^y  TA  noon,  until  lI»o  Tirst  day  ot'     O*^*  ^  >. .  i<<  r  whkto»itl  be  in  the  year  one  thonaand  eight  buwlrpd 

and  *««•■       '  ''/  'A?pjit  nodn,  the  Mimof 

v  /  ■  /  •        ^  .     ^. 


/?'<'<:'-     ^<^' 


■^'/^''.   /c, 


.bmigaotnercdMua 


V..,  .11  r       ■     y    •    »  .  -  ill  i!»' Cotinty  «•   yy^/r^jt^^r'^    y"' 

U- ..t  !>'•  »»U»- «t'lli>    I'l.i"  ifk  ,l.«nU''l  in  til.- aiiliil'iiti-iii  <-<'tli- -.ii.1  /^ //'/»» '^'X    CZ-T  <"  ^_ 

r  /^   '"  .i«.„,-    ^^/  ,  ^f  /V  .\.  l>.  lH>^  .  at«l  WrJ  *«>'  «»«•  s«^«*»r>  «*">-  C«»p«»y.  -J  »h«* 

,■•.';  .-1  -!i;iil  li.nii  i«rl  <>('lhi'  t«nirwl  to  hrOaken  jn  rimni-xion  »ith  llii*  pulle/T 

"oni  bf  it  Knonin,    ri>it  il ».W..--  i.aa  e««</M(N<«/ Ftm.^  nf  «i.l  company  arr  bwrby   boawt  to  »a«ii^  and  tw*e  goodttMotha^ 

,.  ,.,i  ,,.|>i,it>Wr=ii..r-.  th.'  I»Bt«ia)t>'  1"  fir.-.  II*  inore  than  five  per  <-enl... Mr  il%n  or  twenty  4r»don«»NwfcKfc»«yHn*n  •"**!• 
■i^.  -.,.//    :   />  within  the  tern  a«jn-«il.  .«^ wlinj  la  the  tr,»  intent  aad  »f«af«g  of  nil  M«  •*!  fl^^;^ 

t.li.  ,<u    t.  "••'  •  ^i<«i4in;4  the  anaraint  in«ir>-d 
.'►•■.iH  J-    i'i">  li.*^'  t"  (»y  anj.  •ati«fy  «tl  d 


within  the  l«m  atjn^aiil.  i«^  wlinj  la  the  irt«s  in»cni  mmx  i>r»H«g  «•   -~  ■"~T~.  '      _ 
,,,„  .»    .  „.,...«..:<  the  an«o»tin«ir>dtUrv«o.    1'rori.le.l,  «.-v,rthrle*.  that  if  the  whole  of  theabaohte  andcoaditM-l  F»«*«r«w»  l^<«*^ 


r.'i,  .11    t  i...t  .  ^.■>«tU«.j  the  amount  in«ir>-<l  th«'re*i«».     rrowliHl,  >i.'v»rthrleits  that  it  t»e  wooie  <■  i^  ■»«m~«  •— >--— • 

.\v.:M  J     i'l-  >  !>^'  *•'  ("^  »'"<  •"•♦fy  »"  daniay.  that  mar  haj-pen  at  anv  nw  fm-,  in  -hk*  ««!.»/■»»»«»««<!  •••■  oe  ■■«  wi  — '  ^^ 
jv,^t,«  M  !•  I-  J'  ".  .t.l-l  ,.■  «ift«e  ..f  tlti.  I'..!iey,  .Intl  be  iAVVvA  i^'naiil  .St.«.k.  in  j«Ti«rtioi»  to  »e  aoa  ituwredaiid  **  fT]**      tT!^  „■ 


»\.t»;«.»,  :^  '^^  /"^ 


.9U*f«*»Md,|-^<^^' 


^ 


FIRST  POLICY  ISSUED  BY  FITCHBURG  MUTUAL  FIRE  INSURANCE  COMPANY 


■*? 


INTENTIONAL  SECOND  EXPOSURE 


Losses  ascertained  and  unpaid  in  First  Class 
Second  Class 

Amount  of  assessments  on  notes  during  past 
year — none 

Amount  of  cash  dividends  paid  during  past 
year  in  First  Class 

For  policies  surrendered  and  premiums  re- 
funded during  the  past  year  in  Second 
Class 

Highest  rate  of  interest  paid  during  past  year 
6  per  cent 

Highest  rate  of  interest  received  during  past 

year,  6  per  cent 
Amount  insured  on  real  estate  during  past  year 
Amount  insured  on  personal  property  duiing 

past  year 
Amount  insured  First  Class 

Second  Class 
Amount  premiums  and  deposit  notes 
First  Class 
Second  Class 
Amount  losses  First  Class 

Second  Class 
Amount  of  expense,  taxes  and   commissions 
paid  the  last  year  —  including  treasurer's 
salary  for  past  two  years 
Amount  of  charges  for  proposals,  policies,  as- 
signments and  other  papers 
(This  amount  does  not  go  into  the  funds  of  the 
Company,  being  the  policy  fees  which  pay 
the  Secretary.) 
How  many  agents  employed  to  take  risks? 
Seventeen  local  agents. 
One  man  hired  to  examine  risks. 


18 


,668.30 
1,194.00 


3,872.77 


42.44 


725,227.00 

616,311.00 
855,991.00 
485,547.00 

37,934.34 

33,072.74 

3,186.83 

11,952.25 


1,406.37 
1,075.00 


i 


i 


>  t 


itl)is  PoUcH  of  3iistttancc  iDttnesaetl),  That  \viiere.\s. 


/^. 


..f'lU''  t»mn  -H' 


Zy^n  /^f(y/, 


in  >h'-  i'tiuolk  i-l     ^ /  r-'  r  <  £^'f  /• 


iJDISAL  ?3ja  laSUaiiiaSB  e3£a]>Afl7,  i,.,.^m,e,l,l«-.n.l.i.,  ,.Mar.4...VI...M:.M.'     <n...Uv^.WU«V,«»l 
,,_v.l.uH.  .,r  ...,  I  { ,«u,.,>,y.  „.:,.|..  ,|„.  ....,,1,  .In  ..r.r.inr.  l^iT.  |K.r..<mt«  »x»w\<A.  pai.1  M»-  «ui....f     ">'/'<•  -• ..  fj      'Jf  ft 

/   .  IViIUm  ant?  ■       Vent*,  ax  ytv^mtm,  m^  iok  t'  ja»«i 

/tf/    Xotoot'IIaoil.  „jVv<>H<iaii- Ut-tt-with,  tn»ai.HVimp»iiv.  6ir»lK-Mii»of    i/etrf/y     '^'f  '      --^  <»//»»  f«' 
«»  IVjmst,  anj  ijR'nhy  liounil  Mitl  ci>i>isf«l         -^t/^r^rf/  />'  / 

li..;i».  ."ii.  ut.nx  wltaiiil-irsUfflv.  an.!  mii^<.  i..  jmy  all  vM,b  «on.  or  .«.h«s  »,  oiay  W  «.«-w.l  liy  ih,  1«nH  tow  rf  «ifl  0«»f>iiii>.  |*ir«i»irt   to  «lw  .%«  rf 
In.  ..ri->nui..i..  an.l  Uiilps  iiimI  Ih-Uwsat'v«i<i  r.aMjuny :  hni  not  in  any  rv».n«  to  .icc-PiJ  il<i.il*>  \\w  v..tir.  alwvc  nantn)  w  IV-^mm  ami  Ih-frnt. 

:  Iw  «f  oii3\i»fralion  of  tlic  Prcniiscs,  Tin.  «i.i     ^^^t*..  a  /    ziA< 

ff  *"■  \\--m,  K.VI-OIOIH,  anil  .VJmim>tn«tor<,  art-  WrcUy  iiunire«l  -ai^iuuM  Ixm»  i.r  |tan»|if  hy  Kire,  umlcr  tlir 

.on.liliuiw  ;u«l  limttatums  pxi.ri><srtl  in  savl  V^A<.•*  and -By-Ijiw.-",  ami  .,uKji--t  \n  tlio  lien  nijon  the  Hnil.lin.r>  bercia  inwml  ami  ihc  i.an'1  nixler tbe wnw. 

pi-moil  l.y  tlK>  thirly-sc^i'iilh  t'liajit.T  oftltf  Itoviwtl  Statutes  and  sul.jivt   to  the  lion  ujion  tiM-  p<>r«*al  ppop<>ny  luMiml  lKrc;ii.  create!  bj  the  .Vet  of 

r,i;;lili-<Mt  linn.ln..l  anil  i;.rty-fiv<',  I'hiptor  wt  riilt-^'n,  it  \vm«  tlw  intonjjoii  of  tlii<  Coqioratim  to  rely  upoo  saitl  licni  to  -"Ci-urc  the  paymi'nt  t<  any  aail 

from  th*"  fiwt  day  of 
year  one  dmtiMUvl  <>ight  huixlrvd 


all  ii»«-«D>.niH  tlwt  w.iy  Ik- cuiilr  ai-TOixilti;;  to  (Ix-  StatuU-s  otthii  CMJiroimwi-alth.  fi>r  ^^^^r-t^i  t    '     ^  *  re-t  «/ 

'^y   '  ■;/       -      /<^  at  nawi,  until  the  first  day  ol"     (yi/  ^/  „•  ^-^ .  «h^*U  be  in  the  vc 

:ind  !*<*»■    '  '  ''/  jnrr»'<-  no<wi,  the  •tiini  of 


/  '■  ■  / 


''r  ■  ■  ,,/rf,-   CH^ttt  r^ifi'/ 'i^^^^'t  ft:f. 


/C^  /;    /' 


'it  f  i 


ft 


,1.  ii  •  '■•■•\,i  .11 


X/'/y.  A, 


y ,.  yy/'rrr^^^r-^  yr 

,l,„.'  ti'iiltU-  ••!  l>»'  \0^-  'H'tli.'  IV..|«ily  d..«<rili«-l  in  tli-  a|il>t>' ^ti-n  .4'tli«.  »;wl  Z^^^^^*  ^-^Z    ^-<'<  ' 

,1,,.  ^    '^  d:u,.r      '«f''^tf7  .\.  1».  Th 


i„  .1.  <-.«iBtv  «•  y^J/'rrirjifArr-^    ^'  '  .1*^  «ot »«««  Aa« 

.  ,  ,  ,  ,  ......  .•>t>SO'    .  an.1  loJgwl  with  ibc  SwreUrj  of»b«  Com|«B)-,  -nJ  »Krh 

.]k  .'    •  •  -l'-"'  l''"'i  iwrt  <i<*lb''  I  ••ntr*-l  to  Wt;ikr'n  in  r(inni'\ina  with  tliii<  i»Jii'^ 
Cl'l  be  il  Known,     Il..t ».-..?«-.  «ml  «.»/.?;«».■<  >>,h1,  o«-  WI  Crmipany  ar»  b«»b«   boond  to  !»«i«f)    «»<l  Make  ?«>«•  "Wothe  nU 

,.  V.I  .inlxi^rat-T-.th.-  I»an«lj|.  I.»  fin  .  if  mon- than  titc  per  .vnl..  ..r  if  .n«T  »«entv-6w  Jottws  wfckh  l»»y  k»«*"  ***»"' 

/>  «ttw.  lb.-  irm  .f.«t  s.i.1.  a.^ur.lins  «••  the  tnt*  i"*^"* •»«  meMiing of  raid  IUt«  nd  By-La<>  "^ 

V,,  ...   .„    ;  n .yT-  t1.<-  aiwH.nl  in«ii%.l  lb.  r...*.     IV.vi.lr.1.  ,h  «»rtb. I«s  that  i^  th.-  *ho»c  «f  the  •hMJirt*  and  cowlitioiuJ  Fob*  <*  ^'^**^ 

„x  l;...  a  I  J.    i"- .  "v><«  <  •  JM*  at.  I  «ji4  all  .l«»ag...  il«t  may  haii-n  at  »»v  ««.-  tin-,  in  ..irh  caw,  a  jwt  »T«T«)ps  t*dl  h*  Baae  to  **  "J^*]^  "^ 

•ti...  ;v..n..:.t  i  • '-   J< "' -I  "<  'irtur  .if  tUi-  l'..!iry,  J«ll  U- a^l-kiwl  rf«i."l  St..tk.  I»  |.rD|rtrtioi>  to  the  WM  >d«i>>M  axl  At  WBWMt  «f  "^^ 

U  ,M.x.  -  «»."  •  •>>•<•»•  J'n-'Jd.-m  .H  .ai.1  l-.«.mnv  ha/ial-yibol  thi-  l\4i.v.  an.  1  the  Soirmn- «l»wrfka»«>mi«er->i?wJt*»»«e,»t  FitcH>«i^ 
.    t.        i  ^      }     -iPVr  J  /,  ...2..  i. !)»}«« of  «urL«doMth<M3w>de,«te 


liA  I'.inpany  haa^u)».yibr<l  lhj«  l'i4J.y. 


'A/ 


TVwi*"*- 


r'^^///      V,,-r,(.,rj,. 


<i  Jt;'  /if 


.%»  Sn**\^i  $  -^  ^^^56^ ' 


-^ 


FIRST  POLICY  ISSUED  BY  FITCHBURG  MUTUAL  FIRE  INSURANCE  COMPANY 


V-  «^  ">• 


What  commission  allowed  agents?     One  dol- 
lar for  each  application. 
Average  annual  expenses  of  office   for  last 

five  years  $868.62 

Proportion  of  property  insured  in  Massachu- 
setts about  67/68 
Proportion  of  losses  in  Massachusetts,  5/6 

It  was  the  restrictive  laws  passed  by  our  Legislature 
that  eventually  brought  order  out  of  chaos,  paving  the  way 
for  the  survival  of  the  fittest.  Up  to  1847  there  had  been 
organized  thirty-seven  Mutual  Fire  Insurance  Companies, 
together  with  the  four  organized  in  that  year,  which  made 
a  total  of  forty-one  Mutual  Companies.  During  the  same 
period  there  had  been  organized  thirty  Stock  Fire  and 
Fire  and  Marine  Insurance  Companies.  Of  the  thirty 
Stock  Companies,  only  one  is  now  doing  business.  Of  the 
forty-one  Mutual  Fire  Companies  (many  of  which  were 
small  town  companies),  nineteen  are  still  doing  business. 
On  page  56  will  be  found  a  schedule  of  Mutual  Companies 
organized  previous  to  and  including  1847. 

EARLY  METHODS 

The  ways  and  mannerisms  of  our  ancestors  in  the 
Fitchburg  Mutual  were  peculiarly  those  of  their  time,  but 
a  fair  comparison  of  the  methods  used  then  and  now  shows 
many  fundamentals  which  are  very  similar.  Those  men 
were  the  pioneers  and  their  experiences  still  guide  our 
steps. 

Close  attention  to  detail  is  evidenced  in  the  records  of 
the  Directors'  Meetings.  All  changes  of  conditions  and 
hazards  were  passed  upon  and  permission  granted  or  de- 
nied. It  seems  that  the  Secretary  was  extremely  modest 
about  making  a  rate  on  his  own  property.  Therefore,  it 
was  voted  "  that  a  committee  of  three  be  chosen  to  deter- 

20 


^ 


'.f 


mine  the  rate  of  premium  on  the  applications  of  Ivers 
Phillips,  for  insurance  on  his  property." 

The  benefit  of  solicitation  was  early  appreciated,  as 
evidenced  by  the  following:  "  that  the  Secretary  be  author- 
ized to  employ  an  agent  for  the  purpose  of  securing  appli- 
cations for  insurance  and  examining  property  at  risk." 

It  is  a  question  whether  or  not  the  present  time  local 
agent  would  like  the  following  arrangement,  "  that  the 
financial  committee  be  authorized  to  appoint  local  agents 
in  any  part  of  the  State  of  Massachusetts,  and  that  fifty 
cents  be  paid  out  of  the  funds  of  the  Company  for  every 
application  of  Insurance  obtained  by  said  agents,  and 
received  and  accepted  by  said  Company." 

The  Directors,  quite  properly,  after  the  Company  had 
run  nearly  a  year,  felt  that  the  time  they  had  devoted  to 
its  welfare  was  worthy  of  remuneration,  and  voted,  at  the 
July  meeting,  in  1848,  '*  that  the  pay  of  the  Directors  for 
attending  meetings  and  travel,  be  made  up  from  the  meet- 
ing in  September,  1847,  when  this  Company  went  into 
operation."  It  was  also  voted,  **  that  the  Secretary  be 
allowed  the  same  pay  as  any  other  Director  while  he  be- 
longs to  the  Board." 

At  a  meeting  held  by  the  Directors  on  May  25,  1850, 
it  was  voted,  '*  to  allow  Col.  Phillips  to  cancel  his  policies 
on  the  property  destroyed  by  the  flood,  by  the  breaking 
away  of  the  reservoir  dam  in  Ashburnham,  on  the  sixth 

inst." 

The  condition  relative  to  collection  of  premiums  was 
very  like  that  of  today,  for  we  find  it  was  voted,  "  that 
hereafter  policies  shall  not  take  effect  and  be  in  force  until 
the  premium  is  paid." 

The  policy  holders  of  seventy-five  years  ago  were 
more  concerned  as  to  the  conditions  in  their  policies  than 
they  are  at  the  present  time.    In  October,  1852,  the  Presi- 

21 


M 


dent  read  a  notice  from  C.  W.  Wilder,  stating  "  that  he 
shall  hereafter  heat  his  house  with  a  furnace." 

The  officers  of  the  Company  were  eager  for  business 
and  were  ready  to  construe  their  By-Laws  as  broadly  as 
possible  to  secure  new  risks,  as  was  shown  a  little  later, 
when,  application  having  been  made  by  Mr.  Benjamin 
Snow  for  insurance  on  his  new  brick  block  of  stores,  situ- 
ated a  little  to  the  east  of  the  Fitchburg  Hotel,  and  now 
known  as  Central  Block,  and  application  having  been  also 
made  by  some  of  the  occupants  of  said  stores,  it  was  voted, 
''  that  alternate  stores  in  such  blocks  be  considered  as  sep- 
arate risks,  and  that  this  Company  may  insure  $3,000.00 
or  less  on  such  blocks  without  violating  the  Eleventh 
Article  of  the  By-Laws  of  this  Company." 

At  a  meeting  in  May,  1853,  a  notice  was  read  from 
Thomas  Palmer,  saying  that  he  "  had  constructed  a  small 
tooth  furnace  in  the  back  office  of  his  house,  insured  in  the 
Fitchburg  Mutual  Fire  Insurance  Company,  and  wishes  to 
know  whether  it  affects  his  policy."  The  matter  was  re- 
ferred to  John  Prichard  and  Abel  Thurston.  The  Palmer 
house  is  the  octagon-shaped  brick  building,  still  standing 
at  the  corner  of  Main  and  Grove  Streets. 

Careful  study  of  the  old  records  shows  the  progress  in 
building  construction  and  of  new  inventions  as  they  were 
adopted.  In  lighting,  from  the  tallow  candle  to  oils,  gas, 
and  electricity;  in  heating,  from  the  fire  place,  Franklin 
stove,  hot  air  furnace,  steam,  hot  water,  to  electrical  de- 
vices. In  our  records  we  find  mention  of  the  telegraph 
wires,  which  was  promptly  penalized  as  an  extra  hazard. 
At  the  Directors'  meeting,  held  August  27,  1853,  the 
following  notice  was  read  by  the  President,  from  George 
Bowker,  representing  that  "  telegraph  wires  are  put  upon 
the  building  which  is  insured  in  your  office  policy  No.  999, 
first  class,  and  also  on  the  large  paint  shop,  No.  636,  second 
class,"  whereupon  it  was  voted: 

22 


% 


"  To  increase  the  rates  of  insurance  one-fourth  of  one 
per  cent,  for  seven  years  on  said  buildings." 

Evidently  theatricals  were  not  as  popular  as  at  pres- 
ent, for  at  the  Directors'  meeting,  held  February  25,  1854, 
it  was  voted,  ''not  to  take  risks  hereafter  in  any  building 
where  stated  theatrical  exhibitions  are  held,  or  in  buildings 
that  are  exposed  immediately  therefrom." 

May  26,  1855 — voted:  *'  that  the  Secretary  be  author- 
ized to  procure  an  oilcloth  carpet  for  the  office,  provided  he 
has  sufficient  funds  for  the  purpose  in  his  hands,  received 
for  articles  sold  belonging  to  the  Ruggles  property." 

At  the  Directors'  meeting  of  September  29,  1860,  the 
President  stated  that  Dr.  Jewett  "  wishes  to  know  on  what 
conditions  the  Company  will  insure  the  dwelling  house 
which  now  stands  near  the  Catholic  meeting-house  in  this 
village,  known  as  the  Gibson  house,  while  moving  from  its 
present  location  to  the  central  part  of  the  village  near  the 
Rollstone  House."  It  was  voted  not  to  insure  said  house, 
while  moving,  on  any  condition.  This  house  is  now  located 
at  the  corner  of  Main  and  Academy  Streets,  and  is  occupied 
by  Dr.  Miller. 

On  May  27,  1865,  it  was  voted  "  that  the  subject  of 
licenses  and  agents  be  laid  upon  the  table,  and  that  the 
Secretary  write  to  the  Commissioner  of  Internal  Revenue 
in  respect  to  the  matter  of  Directors  acting  for  the  Company 
in  procuring  insurance." 

On  October  28,  1865,  it  was  voted,  "in  accordance 
with  the  recommendation  of  the  Committee,  that  the 
policy  fee  be  uniformly  one  dollar  and  that  agents  be 
allowed  in  addition  to  the  policy  fee  a  commission  of  five 
per  cent,  on  the  balance  or  net  amount  of  premiums  paid 
into  the  office  on  and  after  December  1." 


^ 


23 


^. 


IJL% 


CHURCHES 

In  the  early  records,  there  are  some  very  interesting 
memoranda  regarding  churches. 

In  June,  1850,  it  was  voted  "  not  to  take  the  Shirley 
Meeting-house  in  First  Class." 

In  November,  1851,  it  was  voted  "  to  insure  the  pews 
in  South  Royalston  Meeting-house  and  to  charge  three  per 
cent  for  seven  years  on  them."  It  was  also  voted  ''  to 
charge  three  per  cent  or  more  on  any  meeting-house  for 
seven  years." 

In  December,  1854,  the  President  read  an  application 
of  L.  Warren  for  insurance  on  his  pew  in  the  Leicester 
Meeting-house,  but  it  was  voted  not  to  insure  the  same. 

On  September  29,  1855,  it  was  voted,  ''  to  sanction  the 
doings  of  the  Secretary  in  insuring  the  new  meeting-house, 
in  process  of  building,  in  the  center  of  the  town  of  Gardner." 

In  December,  1855,  it  was  voted  ''  to  insure  the 
meeting-house  in  Westminster,  on  condition  that  the  pipe 
in  the  attic  be  cased  and  that  it  be  faithfully  examined 
once  in  each  month." 

It  was  also  voted  ''to  employ  Mr.  Taylor  to  examine 
churches  insured  in  this  office." 

In  July,  1871,  it  was  voted  ''that  the  Calvanistic  Con- 
gregational Society  of  Fitchburg,  be  allowed  to  make  im- 
provements on  their  meeting-house  without  additional  pre- 
mium, if  they  remove  the  shavings  daily  and  keep  the 
house  locked  up." 

An  interest  in  fire  protection,  combined  with  a  sense 
of  obligation  in  regard  to  company  funds  is  shown  in  several 
instances. 

In  1850,  the  Directors  voted  that,  although  the 
"Board  would  be  gratified  to  see  the  town  supplied  with 
another  fire  engine,  yet  they  do  not  deem  it  a  proper  use 
of  the  powers  vested  in  them,  to  appropriate  any  of  the 

24 


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funds  of  the  company  to   the   purpose  of  such   engine. 

In  1853,  the  Treasurer  was  authorized  to  pay  "  a 
gratuity  to  the  Fire  Department  in  East  Templeton  for 
their  efforts  in  saving  the  property  of  Anson  Peckham,  to 
be  expended  in  improvements  on  their  fire  apparatus,  pro- 
vided said  appropriation  is  approved  by  the  Finance  Com- 
mittee." 

The  year  1865  saw  a  further  change  of  feeling  toward 
fire  protection.  In  June  a  donation  of  $500.00  was  made  to 
the  Fire  Department  of  Fitchburg  "  in  consideration  of 
their  laudable  exertions  to  save  property  in  case  of  fire, 
especially  at  the  fire  on  the  fifth  of  this  month,  the  money 
to  be  applied  toward  procuring  a  uniform  for  the  com- 
panies." 

Later  we  find  the  Board  voted  "  to  pay  the  sum  of 
twenty  dollars  to  Mr.  Darling,  who,  at  the  risk  of  his  life, 
saved  the  Baptist  Meeting-house  in  Leominster  from 
destruction." 

LOSSES 

The  Company  being  in  the  business  of  Fire  Insurance, 
it  was  natural  to  expect  that  sooner  or  later  there  would 
be  some  fires.  It  was  good  fortune  that  the  Company  did 
not  experience  its  first  loss  until  the  latter  part  of  June, 
1848,  nearly  ten  months  after  it  had  started  business,  and 
somewhat  amusing  that  the  first  fire  should  have  honored 
one  of  the  Directors.  The  report  is  of  such  interest  that  it 
is  herewith  presented  in  full : 

"The  committee  chosen  at  the  last  meeting  to  investi- 
gate the  loss  of  Capt.  Ephraim  Murdock,  Jr.,  makes  the 
following  report: 

We,  the  subscribers,  a  committee  appointed  on  the 
sixth  day  of  July  inst.  to  investigate  and  report  upon  the 
matter  of  the  property  of  Capt.  Ephraim  Murdock,  Jr., 


25 


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ll 


wh.ch  was  destroyed  by  fire  on  the  26th  day  of  June  last 
have  attended  to  that  duty  and  report  as  foLws  ' 

By  the  statement  of  Capt.  Murdock  made  and  sworn 
valuT  of  h'"l'  "''  "J  J"'^  '"''-  "  ^PP--  that  the  who  : 
was  insured   by   this   Company,   was   three  hundred   and 
^venteen  dollars  and  fifty  cents  ($317.50),  of  which  the 
Company  are  bound  to  pay  three  fourth    amolnl  to 
two  hundred  and  thirty-eight  dollars  and  one  cent  («  8  01) 
The  household  furniture  of  Capt.  Murdock  which  was 
also  insured  by  this  Company  was  injured  by  being Te 
moved  from  the  house,  but  there  was  no  mark  of  fi     upon 

he  r  '  °'""'°"  '^^'  '^''  '"  ^  kind  of  damage  whlh 

the  Company  are  not  legally  bound  to  pay.     This  T  he 

foTrseTk'  '"  k'^'  '1'  ^°'"P^">'  ''^  -'  -th     nd    he 

exte       SbliTh  a    ""'r^"^  °'  *'''^  ""'  P'-°P-'>'  t"  -- 
the  k"„d  '"■"''''""'  '°''  ^"  '"*"^^  transactions,  of 

We  think  a  course  of  settlement  in  all  cases  of  loss 
should  be  as  liberal  as  is  consistent  with  justice  and  in  thU 
case  we  recommend  to  the  Company  to  pay  to  f^.n 
Murdock  fifty  dollars  on  his  furnLre  and'two  hundr^" 
and  thirty-eight  dollars  and  one  cent  on  his  hay  and  S 
making  in  all  two  hundred  and  eighty-eight  dollars  and 
one  cent  ($288.01)  on  condition  that  he  is  willing  to  Live 
that  sum  m  full  satisfaction.  receive 

IVERS  PHILLIPS  ) 

WALTER  HEYWOOD  (  Committee 
l-itchburg,  July  29,  1848. 

n.r.Z'^'f'u'  *°  ^""''^^  '^"^  ^^P°'^  and  Capt.  Murdock  ac 
cepted  of  the  sum  ofTered  in  full  satisfaction  ' 

Voted, '  th..t  the  Secretary  be  directed  to  oav  th.  .K 

sum  to  Capt.  Murdock  which'he  did  onfhe  spT        ''°^' 

Atruerlrd  'VERS  PHILLIPS 

Secretary" 


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In  the  latter  part  of  1856  the  Fitchburg  &  Worcester 
Railroad  suffered  a  loss,  by  which  their  engine  house  and 
wood  house  in  said  Fitchburg  and  wood  in  same  and  their 
engine  called  ''Uncle  Tom,"  insured  in  the  Second  Class, 
were  destroyed  or  damaged  and  a  schedule  of  the  same 
showed  that  the  amount  of  insurance  on  the  property  by 
all  of  said  policies  is  $4,150.00  whereupon  it  was  voted, 
"  that  the  matter  be  referred  to  a  committee  of  three, 
chosen,  J.  W.  Fletcher,  Daniel  Putnam  and  I.  Longley." 
At  the  next  monthly  meeting  the  committee  reported  and 
submitted  a  list  of  property  involved  in  this  loss,  amounting 
to  $3,980.00,  which  sum  exceeded  the  amount  of  funds  in 
the  Treasurer's  hands  on  the  27th  day  of  December,  namely, 
$2,761.06."  It  is  presumed  that  funds  came  in  before  it 
was  necessary  to  pay  this  loss  as  no  further  mention  is 
made  of  it. 

Apparently  some  of  the  problems  of  the  present  time 
regarding  losses  existed  in  the  old  days  as  we  read  in  the 
early  sixties  of  a  loss  of  Coggshall  &  Brown  under  Policy 
No.  20294  having  been  insured  as  a  dwelling  house  and 
since  altered  and  occupied  for  stores.  No  notice  having 
been  given  or  additional  premium  paid,  the  Directors  voted 
not  to  pay. 

PROGRESS 

A  comparison  of  the  figures  shows  that  the  Fitchburg 
Mutual  secured  its  fair  share  of  the  business,  and  that  its 
progress  was  in  proportion  to  that  of  its  competitors. 

The  first  few  reports  are  hard  to  analyze  from  the 
present  day  standpoint.  A  few  figures  are  here  given  which 
show  the  progress  made. 

The  First  Annual  Report  of  the  Directors,  July  6,   1848 
Number  of  policies  in  force  225 

Amount  of  insurance  in  force  $259,530.00 

28 


I 


Amount  received  in  deposit  notes 

Amount  of  premiums  received 

Paid  for  office  furniture  and  safe 

Expense 

Balance 

At  the  second  annual  meeting  in  July 

was, 
Policies  in  force 
Amount  in  force 
Amount  of  notes 
Amount  of  premium 
At  the  third  annual  meeting  held  July 

ing  was  as  follows: 
Policies  in  force 
Amount  outstanding 
Amount  of  deposit  notes 
Amount  of  premium 

DIVIDENDS 


$8,783.03 

2,932.11 

314.56 

215.10 

2,402.45 

1849,  the  standing 

464 

$438,995.00 

14,407.02 

5,305.93 

16,  1850,  the  stand- 

644 

$620,283.00 

20,165.09 

2,730.04 


.\ 


The  unused  portion  of  the  premium,  commonly  called 
"Dividend,"  which  is  returned  by  the  Company  to  the 
policy  holder,  was  much  larger  in  its  early  history,  though 
it  was  subject  to  the  varying  conditions  of  the  business  in 
those  days,  as  well  as  in  more  recent  times. 

When  losses  and  expenses  were  low,  high  dividends 
were  returned.  In  the  first  two  years  of  operation,  divi- 
dends ranged  from  eighty  per  cent  to  eighty-four  per  cent, 
the  highest  in  the  history  of  the  Company.  In  the  next  six 
years,  they  dropped  to  seventy-five  per  cent  and  were  held 
at  that  rate  for  some  time.  With  the  necessity  for  creating 
a  surplus  to  meet  unusual  losses,  and  the  requirement  of 
a  reserve  for  the  protection  of  the  policy  holder,  the  return 
of  such  large  dividends  became  unwarranted.  On  and  after 
January  1,  1873,  dividends  on  policies  that  had  more  than 

29 


-  M 


\ 


\1 


one  year  to  run  originally  were  reduced  to  fifty  per  cent 
and  all  yearly  policies  taken  after  this  date  to  twenty-five 
per  cent  ''  provided  the  Worcester  Mutual  Insurance  Com- 
pany divide  the  same  amount." 

Through  all  these  years  The  Fitchburg  Mutual  has 
always  paid  a  dividend,  sometimes  when  business  condi- 
tions hardly  justified  so  doing. 

A  serious  consideration  of  this  matter  is  indicated  by  a 
vote  in  1855  "  to  choose  a  committee  to  consider  the  matter 
of  paying  dividends  on  policies  where  the  property  insured 
had  been  destroyed  by  fire."  J.  W.  Fletcher  and  Alvah 
Crocker  were  chosen  for  said  committee. 

Another  vote  says  "  All  dividends  shall  be  forfeited  to 
the  Company  which  are  not  claimed  within  twelve  months 
after  the  expiration  of  any  policy."  The  present  law  allows 
us  to  retain  unpaid  dividends  two  years  after  expiration. 
Most  companies  pay  any  dividend  claimed  with  proper 
voucher,  without  regard  to  expiration  of  the  policy. 

SECOND  CLASS 

The  Second  Class  Department  of  the  Fitchburg  Mu- 
tual is  quite  a  history  in  itself,  and  the  first  reference  to 
this  class  is  contained  in  the  following  vote  in  April,  1848: 

"  That  the  Secretary  be  instructed  to  confer  with  the 
President  of  the  Company  upon  the  subject  of  classifying 
the  risks  of  the  Company  or  to  be  taken  by  the  Company 
and  determine  whether  the  Company  can,  without  an 
additional  act  of  the  Legislature,  legally  so  class  their  risks 
as  to  make  each  class  liable  for  its  own  losses  only  and  not 
liable  to  assessment  for  any  loss  that  may  happen  to  the 
property  of  another  class,  and  if,  in  their  opinion,  such  a 
course  cannot  be  taken  legally,  or  if  they  think  there  is  any 
doubt  as  to  the  legality  of  such  a  course  they  are  hereby 
requested  and  instructed  to  apply  in  the  name  of  the  Com- 


II 


LINCOLN  R.  WELCH 
PRESIDENT 


30 


-  y    -^ 


^ 


gjawBg- 


pany  for  such  additional  act  of  Legislature  as  will  authorize 
them  so  to  classify  their  risks." 

The  required  legislation  was  secured  and  at  the  May 
meeting,  in  1849,  it  was  voted: 

"That  a  special  meeting  of  the  stockholders  of  this 
Company  be  called,  to  be  held  on  the  first  Thursday  of 
July  next,  to  see  if  they  will  adopt  the  first  and  second 
sections  of  the  Act  of  the  Legislature,  relating  to  Mutual 
Fire  Insurance  Companies,  approved  April  14,  1849,  and 
take  measures  to  carry  it  into  effect." 

The  first  section  granted  authority  to  all  Mutual  Fire 
Insurance  Companies  to  insure  in  all  the  other  New  Eng- 
land States  and  New  York.  The  second  section  provided 
specifically  for  the  desired  division  of  risks. 

Section  2.     "All  property  that  shall  hereafter  be  in- 
sured by  said  companies  may  be  divided,  by  the  directors 
thereof,   into  two  distinct  and  separate  classes.     In   the 
first  class  shall  be  insured  the  less  hazardous  description 
of  property;  and,  in  the  second  class  shall  be  insured  the 
more  hazardous  description  of  property.     The  policy  of 
each  member  of  any  company,  so  classifying  its  risks,  shall 
designate  the  class  of  risks  with  which  he  is  associated; 
and  the  premiums  and  deposit  notes  of  each  class,  and  the 
assessments,  for  which  members  may  become  liable,  shall 
be  held  and  assessed  to  pay  the  losses,  occurring  in  the 
class  to  which  they  belong,  and  no  other;  provided,  how- 
ever, that  no  policy  shall  be  issued  by  any  company  to 
cover  property  in  any  separate  class  until  the  amount  of 
$100,000  shall  be  subscribed  to  the  insured  in  such  class." 
At  the  special  meeting  of  July  5,  1849,  in  addition  to 
accepting  these  two  sections  which  established  a  second 
class,  a  committee  of  three  was  named  "  to  revise  the  by- 
laws and  fix  forms  of  application  for  a  second  class  of  risks." 
The  second   class   consisted   of  manufacturing   risks, 
such  as  chair,  pail,  carpenter  shops  and  tanneries,  etc. 

32 


\\ 


Evidently  there  was  considerable  conflict  between  the 
two  classes,  as  time  went  on,  and  the  second  class  began 
to  show  a  better  profit  than  the  first  class.  This  resulted 
in  an  official  investigation,  with  the  result  that  the  com- 
mittee chosen  on  the  27th  of  December,  1856,  "  to  con- 
sider the  present  condition  of  the  second  class,  made  a 
detailed  report  at  the  meeting  held  February  18,  1857, 
showing  that  the  Company  had,  for  the  last  six  years  pre- 
vious to  the  first  of  May  last,  paid  all  losses  and  expenses 
in  said  class  from  premiums  received." 

Even  the  satisfactory  conditions  reported  did  not  ap- 
pease those  who  questioned,  for  further  consideration  of 
the  matter  was  continued  from  time  to  time,  as  the  sur- 
plus of  the  two  classes  varied  and  ended  June  25,  1881, 
when  a  committee  which  had  been  chosen  to  consider  the 
expediency  of  uniting  the  two  classes,  reported  in  favor  of 
the  union,  and  it  was  unanimously  voted  so  to  do. 

At  the  annual  meeting  July  7,  1881,  the  standing  was 

as  follows: 

TREASURER'S   REPORT 


First  Class 

Second  Class 

Assets  on  hand  July  1,  1880 

$134,082.52 

$99,574.41 

Premium  received  since 

15,405.59 

15,027.17 

Interest  received  since 

8,868.86 

7,173.23 

Interest  accrued,  not  paid 

3,075.43 

1,589.79 

$161,432.40 

$123,364.60 

Losses  paid  since  July  1,  18J 

10 

30,586.72 

19,033.82 

$130,845.68 

$104,330.78 

Loans  on  mortgages  and 

personal  securities 

$122,447.84 

$86,038.72 

Cash  on  hand 

5,322.41 

16,702.27 

Interest  accrued 

3,075.43 
$130,845.68 

1,589.79 

$104,330.78 

Both  Classes 

First 

Second 

Total 

Whole  amount  insured    $13,365,800. 00 

$1,812,475.00  $15,178,275.00 

Caish  assets 

130,845. 

68 

104,330.78 

235,176.46 

Amount  of  surplus 

28,799. 

75 

89,729.65 

118,529.40 

Amount  of  liabilities 

102,045.93 

14,601 .  13 

116,647.06 

33 


When  this  legislation  was  originally  adopted,  there 
were  only  a  few  companies  that  accepted  the  second  class, 
and  one  after  another  finally  consolidated,  having  only  one 
class.  The  Fitchburg  Mutual  was  the  last  one  to  consoli- 
date, and  at  the  time  of  the  consolidation,  the  second  class 
had  about  $60,000  more  surplus  than  the  first  class. 

This  consolidation  of  classes  was  evidently  of  great 
public  interest  and  much  discussed  for  in  the  Fitchburg 
Sentinel  of  July  9,  1881,  we  find: 

"  The  Fitchburg  Mutual  Fire  Insurance  Company  is 
the  last  fire  insurance  company  in  the  state  to  abolish  the 
class  system.  Many  property  holders,  especially  in  the 
rural  district,  have  objected  to  having  their  property  in- 
sured in  the  same  class  with  more  risky  buildings,  but  ex- 
perience shows  that  at  current  rates  the  second  class  rates 
have  been  more  profitable  to  the  company  than  those  of 
the  first  class,  and  those  holding  first  class  policies  have 
no  reason  to  complain  of  the  consolidation." 

EXPANSION 

It  is  evident  that  the  original  intention  of  the  organ- 
izers of  this  Company  was  to  confine  operations  to  Fitch- 
burg and  vicinity,  but,  as  the  Company  grew,  it  was  found 
necessary  to  branch  out,  and  it  is  apparent  that,  in  some 
cases  the  risk  was  not  as  good  as  was  expected.  In  several 
cases  the  Directors,  acting  as  agents,  found  that  the  Com- 
pany was  imposed  upon  by  competing  agents. 

The  function  of  the  local  agent  and  his  responsibili- 
ties was  not  recognized  in  those  days  as  it  is  at  the  present 
time,  and  undoubtedly  the  competition  was  much  keener 
between  the  companies.  Naturally  the  home  company, 
through  Its  personal  acquaintance  and  knowledge  of  the 
conditions,  felt  that  they  could  compete  with  the  outside 
companies  in  the  question  of  rates  on  the  property  near  at 

34 


FREDERICK  W.  PORTER 
SECRETARY 


i 


home,  but  were  more  or  less  skeptical  of  the  risks  secured 
outside  of  their  own  territory. 

The  Directors  congratulated  themselves  on  their  excel- 
lent judgment  in  having  continually  refused  to  write  busi- 
ness  m  Boston  at  the  time  of  the  big  fire  in  1871.  How- 
ever, a  study  of  the  situation,  the  demand  for  insurance  in 
Boston  after  the  fire  with  the  probability  that  lightning 
never  strikes  twice  in  the  same  place,  gave  birth  to  a  new 
policy,  and  we  find  in  October,  1872,  that  the  Directors 
voted,  "  that  the  Secretary  be  authorized  to  take  risks  in 
Boston  and  vicinity  and  report  monthly  to  the  Directors 
the  business  done. 

It  is  quite  probable  that  the  business  was  small,  as 
no  report  of  the  same  is  recorded. 

It  was  not  until  October,  1887,  that  we  find  that  Mr. 
Lockey,  "  be  instructed  to  confer  with  the  Mr.  Porter,  of 
Boston  in  regard  to  establishing  an  agency  in  the  city  and 
report  at  the  next  meeting  of  the  Board." 

The  first  reference  to  branching  out  for  business  in 
territory  -  far  from  Fitchburg  "  is  recorded  in  January, 
1887,  where  we  find  a  vote  "  to  conform  with  the  laws  of 
Rhode  Island  in  order  to  do  business  in  that  state." 

It  is  apparent  that  the  Fitchburg  Mutual  did  business 
m  New  Hampshire  and  Vermont  previous  to  the  period 
mentioned,  as  we  find  record  of  losses  in  these  states, 
which  were  always  promptly  adjusted  and  paid.  In  1868 
New  Hampshire  enacted  legislation  creating  an  Insurance 
Department  and  requiring  all  companies  to  render  an 
annual  report  thereto.  The  first  report  of  this  Company 
to  the  New  Hampshire  Department  was  in  1869,  there- 
fore it  is  probable  that  between  the  passage  of  the  bill 
creating  the  New  Hampshire  Insurance  Department  and 
the  publication  of  the  first  New  Hampshire  Insurance 
Report  the  Fitchburg  Mutual  complied  with  the  laws 
relative  to  recognition  thereby,  though  there  is  no  record 

36 


« 


r 


of  any  action  by  the  Directors  regarding  this  matter.  In 
1884  the  Fitchburg  Mutual,  in  common  with  all  of  the 
foreign  companies,  both  Stock  and  Mutuals,  withdrew 
from  the  State  on  account  of  the  passage  of  the  Valued 
Policy  Law. 

Nearly  all  of  the  companies,  however,  returned  in  1889, 
and  in  May  of  that  year  it  was  voted  "that  the  Fitchburg 
Mutual  assume  business  in  the  State  of  New  Hampshire 
by  entering  into  contracts  to  take  insurance  from  July  1, 
1889." 

In  August,  1885,  the  Fitchburg  Mutual  was  admitted 
to  do  business  in  the  State  of  Vermont. 

In  1908  the  Directors  voted  '*  to  effect  connections  in 
several  Western  States."  It  was  not,  however,  until  1910, 
that  we  were  admitted  to  these  states;  since  that  time  there 
has  been  an  era  of  rapid  expansion  for  The  Fitchburg 
Mutual,  as  we  have  been  admitted  to  thirty  states,  which, 
together  with  the  New  England  States,  makes  thirty-six 
states  in  which  we  are  now  doing  business.  The  Fitchburg 
Mutual  was  the  first  of  the  Massachusetts  Mutuals,  writ- 
ing a  general  business,  to  go  west  of  the  Hudson  River  for 
business. 


Massachusetts 

1847 

Kansas 

1913 

New  Hampshire 

1869 

Maine 

1913 

Vermont 

1885 

North  Carolina 

1914 

Rhode  Island 

1887 

North  Dakota 

1915 

Connecticut 

1889 

Nebraska 

1917 

Wisconsin 

1910 

Montana 

1917 

Tennessee 

1910 

Pennsylvania 

1918 

Michigan 

1910 

Ohio 

1918 

Indiana 

1910 

Illinois 

1918 

Georgia 

1910 

Texas 

1919 

South  Carolina 

1911 

Iowa 

1919 

Oregon 

1911 

Washington 

1919 

37 


1911 

West  Virginia 

1920 

1911 

New  Jersey 

1920 

1911 

Louisiana 

1920 

1912 

Kentucky 

1920 

1912 

Oklahoma 

1921 

1912 

Colorado 

1922 

New  York 

District  of  Columbia 

California 

Missouri 

Minnesota 

Maryland 


LOCATION   OF  OFFICE 

From  the  first,  the  question  of  suitable  quarters  was  a 
problem.  The  Secretary  had  been  authorized  to  secure 
proper  offices,  resulting  in  the  occupancy  of  the  rooms  of 
Torrey  and  Wood,  at  the  corner  of  Main  and  Central 
Streets,  at  a  rental  of  $75.00  a  year. 

It  was  voted  at  one  time  to  buy  the  so-called  Bank 
Building,  just  beyond  where  the  present  office  is  located, 
now  occupied  by  Linton  Brothers.  It  was  offered  at  a 
yearly  rental  of  $600  for  five  years,  with  the  privilege  of 
purchasing  same  at  any  time  for  $10,550,  but,  for  some 
reason,  an  agreement  was  not  reached,  and  their  old  loca- 
tion was  retained  at  $300  per  annum.  Later  it  was  voted 
that  a  committee  of  three  be  appointed  by  the  chair  to  see 
upon  what  terms  a  lot  or  building  could  be  obtained,  suit- 
able for  the  use  of  this  Company.  There  is  no  record  that 
this  committee  was  appointed,  or  that  any  further  action 
was  taken  on  this  vote. 

In  January,  1872,  it  was  voted,  "  that  the  President 
be  authorized  to  petition  the  present  Legislature  that  this 
Company  be  empowered  to  hold  real  estate  not  exceeding 
$50,000  in  value."  The  records  show  no  action  on  this 
vote,  and  nothing  to  indicate  that  the  petition  was  presented. 
In  November,  1873,  it  was  voted  "  that  the  President, 
W.  D.  Peck  and  Wm.  O.  Brown  be  a  committee  with  full 
power  to  take  a  lease  of  room  No.  6  in  the  Fitchburg 
Savings  Bank  Block,  for  an  office  for  the  Company."  They 
remained  here  for  about  twenty  years. 

38 


The  first  mention  of  the  present  building  was  made  at 
a  meeting  of  the  Directors  in  June,  1892,  when  Hon.  Amasa 
Norcross,  President,  and  Henry  G.  Morse,  Treasurer,  as 
individuals,  submitted  a  proposition  to  sell  to  the  Company 
the  site  of  the  building  now  occupied  by  the  Fitchburg 
Mutual. 

It  was  voted  unanimously  to  accept  the  proposition. 
It  was  also  voted  '*  that  the  Finance  Committee,  composed 
of  Amasa  Norcross,  Henry  G.  Morse,  Rodney  Wallace, 
Lyman  C.  Albee,  and  Orlando  Mason,  of  Winchendon, 
constitute  a  building  committee  to  act  in  behalf  of  the 
Company  in  procuring  materials  and  labor,  and  causing 
to  be  erected  a  building,  on  the  land  named  in  this  propo- 
sition." They  worked  to  some  purpose,  for,  at  a  meeting 
of  the  Directors,  February  8,  1894,  a  report  of  the  build- 
ing committee  was  read,  which  accounted  in  full  for  ex- 
penditures up  to  date.  This  was  the  first  meeting  of  the 
Board  in  the  new  quarters,  the  present  Phoenix  Building. 
This  has  been  a  satisfactory  home  for  the  Company  and 
has  sufficient  room  for  future  growth. 

DIRECTORS 

This  seems  a  fitting  place  to  say  a  few  words  regard- 
ing the  members  of  the  first  Board  of  Directors.  These 
strong  progressive  men,  who  were  prominent  in  business, 
law,  or  banking,  with  their  deep  interest  in  anything  that 
pertained  to  the  social,  religious,  political  and  industrial 
life  of  their  time,  left  an  imperishable  influence  on  this 
municipality.  It  is  fair  to  say  that,  had  it  not  been  for 
that  grand  old  man,  Alvah  Crocker,  his  co-workers  Na- 
thaniel Wood,  Ivers  Phillips,  L.  H.  Bradford,  Abel  Thurs- 
ton and  their  associates,  there  would  be  no  Fitchburg 
Mutual  now  to  have  a  Seventy-fifth  Anniversary. 

A  brief  description  of  these  men  may  be  of  interest. 
It   is   very   evident    that  Alvah  Crocker  was   the  father 

39 


V 


.11. 


CHARLES  F.  BAKER 
ROBERT  S.  PARKS 


J.  LOVELL  JOHNSON 
Vice  President 


HON.  FREDERICK   FOSDICK 


FREDERIC  C.  NICHOLS 


WILLIAM  C.  GOODWIN 
HERBERT  E.  JENNISON 


ROBERT  N.  WALLIS 
AssT.  Treasurer 


WARNER  M.  ALLEN 


WILBUR  W.  HENRY 


•? 


of  the  Fitchburg  Mutual,  and  while  there  is  no  record 
of  this  in  existence,  the  records  that  are  extant  show- 
plainly  that  he  had  more  to  do  with  its  inception  than 
any  other  one  man.  To  quote  from  Mr.  Bradford's 
memorial  of  Mr.  Crocker,  to  the  Fitchburg  Board  of  Trade, 
January  3,  1876,  "  In  1847,  he  was  prominent  in  establish- 
ing the  Fitchburg  Mutual  Fire  Insurance  Company,  pre- 
siding at  its  organization,  and  calling  its  incipient  meet- 
ings at  his  own  house  when  confined  by  sickness,  holding 
the  ofhce  of  Director  to  his  death — over  twenty-seven 
years." 

Mr.  Crocker  was  largely  interested  in  what  is  now 
known  as  the  Crocker-Burbank  Company. 

Director  Fitchburg  Railroad  Company 
Director  RoUstone  Bank 
Trustee  Fitchburg  Savings  Bank 
Director  Fitchburg  Gas  Company 
Director  Crocker  National  Bank,  Turners  Falls 
Trustee  Crocker  Institution  for  Savings 
Director  Turners  Falls  Company 
Director  Turners  Falls  Pulp  Company 
Director  Montague  Paper  Company 
Director  Keith  Paper  Company 
Director  J.  Russell  Cutting  Company 
Trustee  Cushing  Institute,  Ashburnham 
Mr.  Crocker  served  in  the  House  of  Representatives  in 
Massachusetts  1835-1842-1843,  the  Massachusetts  Senate 
1862-1866. 

He  was  elected  a  member  of  the  National  House  of 
Representatives  in  1872  and  was  a  member  thereof  at 
the  time  of  his  death  in  1874. 

He  was  Commissioner  on  Hoosac  Tunnel  1869-1872. 
Director  Vermont  &  Massachusetts  Railroad 
Director  Troy  &  Greenfield  Railroad 
Director  Fitchburg  Bank. 

42 


He  was  for  ten  years  Senior  Warden  Christ  Church, 
and  also  identified  with  Fitchburg  Board  of  Trade,  Boston 
Board  of  Trade,  and  other  organizations  more  or  less  of  a 
public  character. 

His  life  was  characterized  by  sterling  honesty,  integ- 
rity, and  indomitable  energy  and  was  replete  with  good 
works.  He  is  remembered  more  particularly  for  his  un- 
flagging  interest   in,   and   labors   for   the   Hoosac   Tunnel 

railroad  scheme. 

He  was  the  prime  mover  of  the  Fitchburg  Railroad  and 
Hoosac  Tunnel  line.  He  was  active  in  securing  the  aid 
of  the  State  in  carrying  on  and  completing  the  tunnel  and 
had  unbounded  faith  in  the  advantages  which  it  would 
bring  to  this  section  of  the  State. 

Nathaniel  Wood  was  one  of  the  most  prominent  mem- 
bers of  the  legal  fraternity,  in  this  part  of  the  State,  hold- 
ing every  important  town  office.  He  was  President  and 
Director  of  the  Fitchburg  Mutual  from  organization  to 
1874 — twenty-seven  years.  He  was  Treasurer  from  1849 
to  1874 — twenty-five  years,  was  member  of  both  branches 
of  the  Massachusetts  Legislature,  Director  of  the  Fitchburg 
National  Bank,  and  Fitchburg  Savings  Bank.  He  was  also 
at  one  time  Postmaster  of  Fitchburg. 

Joseph  W.  Mansur  of  Fitchburg,  was  a  prominent 
member  of  the  legal  fraternity  of  Fitchburg,  and  active  in 
public  affairs.  He  was  Postmaster  of  Fitchburg,  Director 
of  Rollstone  National  Bank,  Agent  of  the  woolen  mill  at 
South  Fitchburg  and  the  Cambridge  Mill  of  the  American 
Woolen  Company.  Until  his  removal  to  the  west  in  1873, 
he  was  one  of  the  leading  citizens  of  Fitchburg. 

Col.  Ivers  Phillips  was  a  born  leader  of  men.  He  was 
one  of  the  original  stockholders  of  the  Fitchburg  Railroad, 
a  Director  of  the  Vermont  &  Massachusetts  Railroad,  for 
seventeen  years  Director  and  Superintendent  of  the  Fitch- 
burg  &   Worcester    Railroad,    President   of    the    Boston, 

43 


|i 


Barre  and  Gardner  Railroad,  and  one  of  the  leaders  in 
making  Fitchburg  a  railroad  center.  He  was  an  extensive 
woolen  manufacturer,  served  in  Massachusetts  Legislature, 
Collector  of  United  States  Internal  Revenue  and  Trustee 
of  Fitchburg  Savings  Bank. 

Walter  Heywood  was  one  of  the  pioneers  in  the  manu- 
facture of  chairs  in  this  section  of  the  country,  and  the 
founder  of  the  Walter  Heywood  Chair  Company  of  Fitch- 
burg. He  was  a  director  of  the  Fitchburg  National  Bank, 
Trustee  of  Fitchburg  Savings  Bank,  Director  of  Putnam 
Machine  Company. 

C.  W.  Wilder  was  the  leading  physician  of  Leominster. 
He  was  a  public-spirited  citizen,  active  in  town  and  county 
affairs.  He  was  a  member  of  the  Legislature  for  five  years, 
one  of  the  organizers  of  the  Fitchburg  State  and  National 
Bank,  and  a  Director  until  the  time  of  his  death.  He  was 
also  one  of  the  prime  movers  in  the  organization  of  the 
Fitchburg  &  Worcester  Railroad. 

Alvah  J.  Towne  was  a  former  woolen  manufacturer  in 
Fitchburg,  and  one  of  the  owners  of  the  Fitchburg  Woolen 
Mill,  now  a  part  of  the  Parkhill  Manufacturing  Company. 
He  was  a  Director  of  the  Fitchburg  National  Bank,  and  of 
the  Fitchburg  Savings  Bank. 

Captain  Elisha  Murdock,  Jr.  was  one  of  the  pioneers 
of  the  woolen  manufacturing  business  in  Northern  Wor- 
cester County,  and  the  leader  in  the  establishment  of  Win- 
chendon  as  the  center  of  that  industry.  He  was  the  first 
citizen  of  that  town,  in  many  ways,  and  his  active,  vigorous 
personality  and  business  sagacity  were  in  constant  demand 
in  public  service.  He  was  a  Senator  in  the  Massachusetts 
Legislature  and  President  of  the  Winchendon  Savings  Bank. 

Asahel  Corey,  of  Ashburnham,  was  the  leading  mer- 
chant of  that  place  for  many  years.  He  was  also  represen- 
tative to  the  Massachusetts  Legislature  for  four  years. 

Captain  Jacob  Fisher  of  Lancaster  was  one  of  the  lead- 

44 


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ing  citizens  of  the  town.  He  was  prominent  in  town  affairs, 
as  Selectman,  member  of  the  School  Committee  and  for 
many  years  President  of  the  Lancaster  National  Bank. 

Hobart  Spencer  of  Ashby  had  extensive  experience  as 
a  building  contractor  in  Boston  and  removed  to  Ashby 
where  he  became  one  of  its  most  prominent  agriculturalists, 
a  leading  man  of  the  town  and  Representative  to  the  Legis- 
lature. 

Daniel  Putnam  of  Lunenburg,  was  for  more  than  sixty 
years,  one  of  the  first  citizens  of  Lunenburg  and  its  principal 
business  man.  He  was  identified  with  everything  connected 
with  its  growth  and  prosperity.  He  was  one  of  the  organ- 
izers of  the  Rollstone  National  Bank  of  Fitchburg,  a 
Representative  to  the  Legislature  and  Trustee  of  the 
Worcester  North  Savings  Institution  of  Fitchburg.  He 
was  present,  at  the  age  of  ninety-three  years,  at  the  dedi- 
cation of  the  New  Office  Building,  the  present  home  of  the 
Fitchburg  Mutual  Fire  Insurance  Company. 

Col.  Artemus  Lee,  of  Templeton,  was  a  leader  in  the 
business  and  political  affairs  of  northern  Worcester  County. 
He  was  Representative  and  Senator  to  the  Massachusetts 
Legislature,  and  he  acquired  his  title  of  Colonel  from  having 
been  commander  of  a  regiment  of  militia.  He  died  in  1870. 
Lewis  H.  Bradford  was  the  second  President  of  this 
Company.  He  was  also  one  of  the  organizers  of  the  Roll- 
stone  National  Bank  of  Fitchburg  and  a  Director  in  the 
same.  He  was  Assistant  Assessor  of  the  Internal  Revenue 
for  the  Fitchburg  district,  a  Trustee  of  the  Worcester 
North  Institution  for  Savings  and  a  member  of  the  Massa- 
chusetts Legislature. 

Dr.  John  White  of  Westminster,  was  a  graduate  of 
Brown  University  and  commenced  his  practice  in  West- 
minster in  1825.  He  served  as  Town  Treasurer,  School 
Committee  and  was  a  member  of  the  Massachusetts  Legis- 

46 


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lature,  as  well  as  Director  of  the  Fitchburg  State  and 
National  Bank. 

The  Fitchburg  Mutual  has  been  equally  fortunate  in 
succeeding  years  in  having  on  its  Board  of  Directors 
prominent  men  of  affairs,  whose  connection  with  the  Com- 
pany has  strengthened  and  upheld  it  among  its  contem- 
poraries and  it  is  a  pleasure  to  now  record  appreciation  of 
the  services  so  ably  rendered. 

The  early  records  show  the  Directors  were  greatly  in- 
terested in  the  success  of  the  Company.  This  is  ev  idenced 
by  the  votes  on  what  seem  to  us  minor  details.  They  were 
joint  managers  of  the  Company.  Those  residing  outside  of 
Fitchburg  also  acted  as  agents  of  the  Company,  thus  serv- 
ing in  a  dual  capacity.  The  succeeding  years  have  seen  no 
decrease  of  interest  on  the  part  of  the  Directors,  but  their 
services  are  now  more  in  an  advisory  capacity,  the  work- 
ing out  of  details  being  left  to  the  officers. 

The  problems  of  the  early  years,  caused  many  anxious 
meetings  of  Directors,  and  voluminous  reports  of  investi- 
gating committees.  The  appointment  of  agents,  their  ter- 
ritory, and  their  compensation;  whether  their  interest  was 
chiefly  their  own  income  or  good  business  for  the  Company; 
collections;  inspections;  proper  rates  of  premiums  for  more 
or  less  hazardous  risks — all  these  questions  were  perennial 
and  changing  conditions  required  continual  study  and  fre- 
quent adjustment. 

CO-OPERATION 

The  Fitchburg  Mutual  has  always  tried  to  do  its  full 
duty  for  and  in  behalf  of  Mutual  Insurance  in  the  Com- 
monwealth of  Massachusetts. 

There  is  a  saying:  *'  Get  acquainted  with  your  neigh- 
bors. You  might  like  them."  On  that  basis  it  has  tried 
to  get  acquainted  with  its  Mutual  Insurance  neighbors, 
not  only  in  Massachusetts  and  other  New  England  States, 

47 


I 


but  in  other  parts  of  the  country.  It  has  effected  con- 
nections which  have  been  of  great  value  to  the  company 
and  it  has  endeavored  to  be  of  value  to  others. 

Years  ago  the  Mutual  Companies  in  the  State  decided 
that  if  there  was  virtue  in  co-operation  among  the  people, 
there  must  be  benefit  in  co-operation  between  the  com- 
panies. About  1879  they  organized  under  the  name 
"  Massachusetts  Mutual  Fire  Insurance  Union."  It  has 
had  an  interesting  career  and  has  been  a  strong  factor  in 
the  success  of  Mutual  Insurance  in  this  section  of  the 
country.  In  this  organization  the  Fitchburg  Mutual  has 
always  taken  an  active  part.  Mr.  H.  G.  Morse,  a  former 
President,  served  several  terms  as  Vice-president  of  the 
Union,  but  declined  to  be  advanced  to  the  presidency. 

After  the  organization  of  the  National  Association 
of  Mutual  Insurance  Companies,  the  Fitchburg  Mutual 
became  a  member,  to  gain  the  benefit  of  broader  co- 
operation. The  present  President  of  the  Fitchburg  Mutual, 
Lincoln  R.  Welch,  has  been  honored  by  serving  three  terms 
as  President  of  the  National  Association. 

Mr.  Welch  was  the  first  President  of  the  Incorpor- 
ated Mutuals,  now  the  Federation  of  Mutual  Insurance 

Companies. 

The  insurance  business  has  it  ups  and  downs,  its 
periods  of  prosperity,  as  well  as  its  periods  of  depression, 
and  the  Fitchburg  Mutual  is  no  exception  to  this  rule. 
The  Company  has  passed  through  several  periods  in  which 
the  conditions  have  tried  the  souls  of  those  in  charge  of  its 
affairs.  Each  crisis  has  been  met  and  conquered  and  the 
Company  has,  year  by  year,  increased  in  the  respect  and 

regard  of  the  public. 

This  should  be  convincing  to  the  insurance  buyer  of 
the  power  of  the  co-operative  principle  of  Mutual  Insur- 
ance, the  oldest  form  of  insurance  and  the  form  from  which 
all  insurance  has  been  derived,  for  insurance  is  essentially 

48 


*r  t 


I 


co-operative.  The  year  1922  sees  the  Fitchburg  Mutual 
well  established,  broadened  in  scope  far  beyond  the  dreams 
of  its  founders,  with  the  promise  of  years  of  steady  depend- 
able growth  ahead.  It  will  continue  to  voice  its  slogan, 
adopted  several  years  ago,  but  with  all  the  added  confi- 
dence of  a  youth  of  seventy-five  years, 

"  Your  prosperity  is  our  prosperity: 
Our  prosperity  is  your  protection." 


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FITCHBURG    MUTUAL   FIRE    INSURANCE 

COMPANY 

Roster  of  Officers  and  Directors 


/ 


)  i 


Hon.  Nathaniel  Wood 
L.  H.  Bradford 
Hon.  Amasa  Norcross 
Henry  G.  Morse 
Lincoln  R.  Welch 


William  Baker 
Henry  G.  Morse 
Hon.  Rodney  Wallace 
Frederick  F.  Woodward 
J.  Lovell  Johnson 


Ivers  Phillips 
Abel  Thurston 
Charles  Mason 
L.  H.  Bradford 
E.  P.  Downe 
Lincoln  R.  Welch 
Chester  A.  Clegg 
Brentford  J.  Alley 
Frederick  W.  Porter 


Ebenezer  Torrey 
Nathaniel  Wood 
L.  H.  Bradford 
William  Baker 
Henry  G.  Morse 
Lincoln  R.  Welch 


PRESIDENTS 

1847-1874 
1874-1887 
1887-1897 
1898-1910 
1910 

VICE-PRESIDENTS 

1887-1888 
1888-1898 
1898-1903 
1909-1913 
1913 

SECRETARIES 

1847-1850 
1850-1864 
1864-1869 
1869-1874 
1874-1897 
1897-1910 
1910-1914 
1914-1916 
1917 

TREASURERS 

1847-1849 
1849-1874 
1874-1887 
1887-1888 
1888-1910 
1910 


27 

years 

13 

n 

10 

<l 

12 

<< 

1  year 
10  years 
5     " 
4     " 


3  years 
14     " 

5 

5 
23 
13 

4 

2 


<< 
(( 
<< 
(( 


2  years 
25     " 
13     " 

1  year 
22  years 


51 


Sgg 


UfiHfeSfi* 


DIRECTORS 


Alvah  Crocker 

Nathaniel  Wood 

Joseph  W.  Mansur 

Ivers  Phillips 

Artemus  Lee,  Templeton 

Walter  Heywood 

Abial  J.  Towne 

C.  W.  Wilder,  Leominster 

Jacob  Fisher,  Lancaster 

L.  H.  Bradford 

E.  Murdock,  Jr.,  Winchendon 

Ashel  Corey,  Ashburnham 

Hobart  Spencer,  Ashby 

Daniel  Putnam,  Lunenburg 

John  White,  Westminster 

Giles  H.  Whitney,  Templeton 

Kilburn  Harwood 

Timothy  S.  Wilson 

J.  W.  Fletcher,  Leominster 

John  Prichard 

Abel  F.  Adams 

Samuel  G.  Kendall,  Westminster 

Israel  Longley,  Shirley 

S.  W.  A.  Stevens,  Gardner 

James  Bennett,  Leominster 

Moses  T.  Gardner.  Shirley 

William  O.  Brown 

Hale  W.  Page 

Amasa  Norcross 

William  Baker,  Lunenburg 

Silas  Holman,  Bolton 

Daniel  Cross 

S.  R.  Merrick,  Clinton 

William  D.  Peck,  Sterling 

Peter  Rice,  Worcester 

Lucius  Aldrich 

Rodney  Wallace 

Gardner  S.  Burbank 

Orlando  Mason,  Winchendon 

Henry  G.  Morse 


1847-1874 

1847-1874 

1847-1852 

1847-1865 

1847-1848 

1847-1848 

1847-1848 

1847-1850 

1847-1872 

1847-1887 

1847-1880 

1847-1852 

1847-1882 

1847-1872 

1847-1851 

1848-1861 

1849-1851 

1849-1872 

1851-1861 

1852-1870 

1852-1883 

1852-1883 

1853-1863 

1862-1910 

1862-1887 

1864-1870 

1865-1889 

1868-1870 

1871-1898 

1871-1896 

1871-1872 

1873-1890 

1873-1907 

1873-1887 

1873-1874 

1874-1881 

1875-1903 

1875-1887 

1881-1905 

1882-1910 

52 


27  years 
27 

5 
18 

1  year 

1     " 
1     " 
3  years 
25 
40 
33 
5 

35 

25 

4 

13 

2 

23 
10 
18 
31 
31 
10 
48 
25 
6 

24 
2 

27 
25 
1  year 
17  years 
34 
14 
1  year 
7  years 
28    " 
12     " 
24 
28 


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/ 


♦Present  members. 


George  H.  Spencer 

1883-1889 

6  years 

Dr.  George  Jewett 

1884-1895 

11     ' 

Lyman  C.  Albee 

1888-1900 

12     ' 

Chas.  E.  Grant,  Worcester 

1888-1910 

22     ' 

John  M.  Lockey 

1888-1916 

28     ' 

E.  P.  Downe 

1888-1899 

11     ' 

W.  A.  Macurda 

1890-1901 

11     ' 

B.  F.  Wallis 

1890-1896 

6     ' 

Frederick  F.  Woodward 

1890-1913 

23     ' 

Daniel  Simonds 

1895-1913 

18     ' 

B.  N.  Bullock 

1897-1906 

9     ' 

George  E.  Clifford 

1900-1907 

7    • 

Arthur  H.  Lowe 

1901-1910 

9     ' 

George  R.  Wallace 

1903-1912 

9    ' 

*Charles  F.  Baker 

1906 

•Frederick  Fosdick 

1906 

♦Lincoln  R.  Welch 

1906 

■ 

Charles  B.  Smith 

1910-1915 

5    " 

♦Frederic  C.  Nichols 

1910 

*J.  Lovell  Johnson 

1911 

♦Robert  N.  Wallis 

1911 

♦Robert  S.  Parks 

1911 

♦William  C.  Goodwin 

1912 

♦Warner  M.  Allen 

1919 

♦Herbert  E.  Jennison 

1919 

♦Frederick  W.  Porter 

1919 

♦Wilbur  W.  Henry 

1920 

II 
II 


53 


■»      «' 


HONOR  LIST  OF   DIRECTORS 
Who  Served  More  than  Twenty-five  Years 


S.  W.  A.  Stevens 
L.  H.  Bradford 
Hobart  Spencer 
S.  R.  Merrick 
E.  Murdock,  Jr. 
Abel  F.  Adams 
S.  G.  Kendall 
Rodney  Wallace 
H.  G.  Morse 
J.  M.  Lockey 
Alvah  Crocker 
Nathaniel  Wood 
Amasa  Norcross 
Daniel  Putnam 
Jacob  Fisher 
James  Burnett 
William  Baker 


1862-1910 

1847-1887 

1847-1882 

1873-1907 

1847-1880 

1852-1883 

1852-1883 

1875-1903 

1882-1910 

1888-1916 

1847-1874 

1847-1874 

1871-1898 

1847-1872 

1847-1872 

1862-1887 

1871-1896 


48  years 

40 

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55 


;S^9BHlHHAiMH^Mii^HHfiigb 


MASSACHUSETTS   MUTUAL  FIRE    INSURANCE 

COMPANIES 

(Doing  Business  and  Organized  Before  1847) 


Attleboro 

♦Barnstable — Yarmouthport 
♦Berkshire— Pittsfield 
Bristol  County— New  Bedford 
♦Cambridge 
Charlestown 
♦Citizens — Brighton 
City — Roxbury 
Cohassett 
♦South  Danvers 
♦Dedham 
Essex — Salem 
Farmers — Georgetown 
Franklin — Greenfield 
Groveland 

♦Hampshire — Northampton 
Haverhill 
♦Holyoke — Salem 
♦Hingham 


1844  Holliston 

1833  ♦Lowell 

1838  ♦Lynn 

1829  Marlboro 

1833         Massachusetts— Boston 

1836  Mechanics — Boston 
1846  ♦Merrimack — Andover 
1846         Merchants  &  Farmers — 
1845  Worcester 

1829  ♦Middlesex— Concord 

1837  ♦Mutual— Springfield 

1829  ♦Newburyport 
1844  ♦Norfolk — Dedham 
1828  ♦Salem 

1828         State— Boston 

1830  Union — Boston 

1831  West  Newbury 

1843    Weymouth— Braintree 
1826    Worcester 


1841 
1832 
1828 
1836 
1798 
1836 
1828 

1846 
1826 
1827 
1829 
1825 
1838 
1843 
1843 
1828 
1833 
1824 


f 


There  were  three  other  Mutuals  organized  the  same  year  as  the 
Fitchburg  in  1847. 


Chelsea 

♦Annisquam — Gloucester 
Peoples — Worcester 


1847 
1847 
1847 


*The  eighteen  mutuals  in  existence. 


SEVENTY-FOURTH  ANNUAL  STATEMENT 

December  31,  1921 
AMOUNT  AT   RISK,  $47,116,727.00 

ASSETS 

Real  Estate $53,000.00 

Stocks  (market  value) 140,160.50 

Bonds  (market  value) 305,765. 10 

Cash  in  Office  and  Banks 41,028.87 

Agents'  Balances 57,194. 29 

Interest,  Rents  Due  and  Accrued  5,316 .  33 

Reinsurance  Due  on  Paid  Losses         2,759 .  46 

$605,224.55 


LIABILITIES 

Unearned  Premiums $349,608 .  68 

Losses  in  Process  of  Ad j ustment       43 , 1 58 .  38 

Taxes  Due  and  Accrued 10,000 .  00 

All   Other  Liabilities 7,200.99 

$409,968.05 

Net  Cash  Surplus    195,256. 50 

$605,224.55 

Gain  in  Surplus   $41,256.97 

Gain  in  Assets    72,554.68 

Gain  in  Amount  at  Risk $3,936,126.00 


56 


57 


)h 


H.  M.  Downs  Printing  Co. 

FITCHBURG.  MASS. 


i 


1' 

COLUMBIA  UNIVERSITY  LIBRARIES 

This  book  is  due  on  the  date  indicated  below,  or  at  the 
expiration  of  a  definite  period  after  the  date  of  borrowing,  as 
provided  by  the  library  rules  or  by  special  arrangement  with 
the  Librarian  in  charge. 

DATE  BORROWKO 

DATE  DUE 

DATE  BORHOWED 

DATE  DUE 

1 

1 

j 

t 

* 

1 

• 

1: 

1 
! 

! 

i 

■ 

CZa( 10-53) lOOM 

D986 
F55 


D986 
F55 


Fitchburg  mutual  fire 
insurance  company 
The  Fitchburg  mutual 


fire  insurance  c 


ompany, 


fKH  D6^1f 


NE 


1W| 


I 


mni 


jort  2  2  1934 


It 
1  I 


APR  7      1955 


t 


CSti 


END  OF 
TITLE 


